Who Does Mortgages for Shared Ownership?

Shared ownership is a popular scheme that allows people to buy a share of a property and pay rent on the remaining share. This scheme is designed to help people who cannot afford to buy a property outright on the open market. However, getting a mortgage for shared ownership can be a bit tricky. So, who does mortgages for shared ownership?

High Street Banks

Many high street banks offer mortgages for shared ownership. These include Barclays, Halifax, Nationwide, and HSBC. These banks have specific mortgage products designed for shared ownership, with varying interest rates and terms. It's important to compare the different offers to find the best deal for your circumstances.

Building Societies

Building societies are another option for shared ownership mortgages. These include Leeds Building Society, Newbury Building Society, and Yorkshire Building Society. Building societies often have a more personal approach to lending and may be more flexible with their lending criteria.

Specialist Lenders

There are also specialist lenders who focus on shared ownership mortgages. These include Tipton & Coseley Building Society and Chorley Building Society. These lenders understand the unique aspects of shared ownership and may offer more tailored mortgage products.

Mortgage Brokers

Mortgage brokers can also help you find a shared ownership mortgage. They have access to a wide range of lenders and can help you find the best deal. Some brokers specialize in shared ownership mortgages, such as Share to Buy and Mortgages for Business.

Government Schemes

The UK government also offers a shared ownership scheme through Help to Buy. This scheme is available to first-time buyers and those who used to own a home but can't afford to buy one now. The government scheme works with a range of lenders to provide shared ownership mortgages.

Things to Consider

When looking for a shared ownership mortgage, there are several things to consider. These include the interest rate, the term of the mortgage, the lender's reputation, and the level of customer service. It's also important to consider the cost of the rent on the remaining share of the property, as this will affect your overall monthly outgoings.

Before applying for a shared ownership mortgage, it's a good idea to get financial advice. A financial adviser or mortgage broker can help you understand the costs and benefits of shared ownership and can guide you through the application process.

Conclusion

In conclusion, there are many lenders who offer mortgages for shared ownership. These include high street banks, building societies, specialist lenders, and government schemes. By comparing the different offers and getting professional advice, you can find the best shared ownership mortgage for your needs.