To be eligible for a shared ownership mortgage, you have to be a first-time buyer or a former homeowner who can’t afford to buy a new suitable property. Your household income must be less than £80,000 a year (£90,000 in London).
You’ll usually be able to buy a bigger share in the future if you can afford it.
There are some other conditions and full information can be found on the government website here.
Shared Ownership mortgages
Not all lenders offer shared ownership mortgages so it pays to work with a mortgage broker who has access to the whole mortgage market like ourselves to get the right mortgage for your circumstances.
Shared ownership mortgages can be secured with no deposit however as with normal mortgages the more deposit you are able to put down will mean the lower your interest rate should be.
Shared ownership mortgages may also be available if you have Adverse Credit
For more information on the scheme speak to one of our experts.