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Shared Ownership in Derby

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Shared Ownership in Derby

Your path to property ownership starts here, discuss your Shared Ownership mortgage options with an expert advisor today.

01332 979 187

Mortgage advice for those looking at Shared Ownership in Derby.

The government has introduced Shared Ownership as part of the Help to Buy program to assist individuals who are experiencing financial difficulties and cannot afford a complete mortgage. This scheme allows applicants to purchase a portion of the property, typically ranging from 25% to 75%. In some cases, it is possible to buy a 10% share and gradually repay the remaining percentage through rental payments.

The rental payments are paid to either the Housing Association or the Builder who retains ownership of the remaining portion of the property. Shared Ownership can be a complex program, so it is advisable to consult a Shared Ownership mortgage advisor in Derby for guidance. To conveniently schedule a free mortgage appointment, simply visit our website and click on the 'Book Now' button.

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Shared Ownership in Derby

What are the requirements for Shared Ownership in Derby?

To assess your eligibility for the Shared Ownership scheme, we must assess your mortgage affordability. If you don't meet the criteria for Shared Ownership, we suggest exploring alternative government schemes that might be applicable to your situation. Below are the requirements for the Shared Ownership scheme:

  • You need to be at least 18 years old
  • Your annual household income needs to be no more than £80,000.
  • You should not be able to afford a property on the open market.
  • You should not be in mortgage or rent arrears.
  • You need to provide evidence of good credit history to pass the credit checks and affordability assessments.

How does Shared Ownership in Derby work?

In Derby, Shared Ownership works by enabling you to acquire a portion of a property. Typically, you can purchase a share ranging from 10% to 75% of the property’s full market value and pay rent for the remaining portion. As time passes, you have the opportunity to gradually increase your ownership share through a process known as staircasing. This involves purchasing additional shares of the property.

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Common FAQs for Shared Ownership Mortgages in Derby

How much deposit do I need for a Shared Ownership mortgage?

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The deposit amount for a Shared Ownership mortgage in Derby can vary, but it typically ranges from 5% to 10% of the share you are purchasing, rather than the entire value of the property.

Can I get a Shared Ownership mortgage in Derby with bad credit?

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While having poor credit can present challenges when seeking a Shared Ownership mortgage in Derby, it is not necessarily an insurmountable obstacle. It may be necessary to collaborate with a specialized lender who can assess your situation on an individual basis.

Do I need a mortgage for Shared Ownership in Derby?

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Typically, obtaining a mortgage is a requirement when purchasing your share of the property through a Shared Ownership scheme in Derby.

What is the minimum income for Shared Ownership in Derby?

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To be eligible for Shared Ownership in Derby, you must be at least 18 years old, and your annual household income should not exceed £80,000. If your income surpasses this threshold, you are unlikely to meet the criteria for the scheme.

Why use a mortgage broker in Derby for a Shared Ownership mortgage?

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Speaking with a mortgage broker in Derby can prove beneficial when securing a Shared Ownership mortgage. They can guide you through the process, identify the most suitable deals, and tailor options to your specific circumstances. Our team of mortgage advisors in Derby is available to assist you in comprehending the mortgage’s terms and conditions and ensuring that you secure the most favorable arrangement.

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Our Simple Step by Step Process

Free 30-Minute Mortgage Appointment

Step 1

During your free mortgage appointment with the mortgage advisor in Derby, they will assess your income and expenses to determine if you qualify for a Shared Ownership mortgage in Derby. They will also evaluate your mortgage affordability.

We Can Search 1000s of Mortgage Deals

Step 2

Our team will search through 1000 mortgage products to find the most suitable option for you. We will also help you obtain a mortgage agreement in principle, which can strengthen any offers you make on new builds.

Submit Your Help to Buy Application

Step 3

Once your offer to purchase is accepted, we will submit your complete mortgage application and all the necessary documents to the lender.

Throughout this process, a dedicated case manager will keep you informed about the progress, from receiving the mortgage offer to completing the transaction and beyond.

Protecting You and Your Mortgage

Step 4

Our service goes beyond securing the best mortgage deal for you. We also provide recommendations for insurance policies that can protect you and your loved ones.

Furthermore, we will notify you when your mortgage deal is about to expire to ensure that you always have the best available deal.

Reasons to Choose us

Mortgage Experts – Shared Ownership in Derby

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As an experienced mortgage broker in Derby, we are able to help clients in all different kinds of mortgage scenarios. We are also able to assist those looking to utilise the Help to Buy Shared Ownership scheme.

We have helped many applicants successfully complete their mortgage journey through Shared Ownership. Firstly, we will take a look at whether you qualify for the scheme, then if you get the green light, we can look at preparing your application.

Customer Service

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Check out our fantastic customer reviews to see what others have thought of their experience. You may come across someone who has been in a similar situation to you.

Customer service is at the heart of our company, we want you to receive the best experience from start to finish. Our mortgage advisors in Derby will make sure that you feel comfortable and secure at all times.

Book Online – Simple & Easy

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Book your own appointment, it’s simple and easy to do! We have availability 7 days a week and appointments early in the morning or late evening.

Simply follow our ‘Get Started’ process to choose the date and time best for you.

1000’s of Deals

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We have 1000s of mortgage deals available on panel, featuring both high street and specialist deals. It is our job to pick out the perfect product for you that matches your personal and financial situation.

Our mortgage advisors in Derby know exactly what they are looking for, they have over 20 years of experience in the sector!

Malcolm and Amy Davidson - Mortgage Advice in Derby

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Popular Scenarios for Shared Ownership in Derby

Do I need a deposit?

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A deposit is required for a Shared Ownership mortgage, just like with most other types of mortgages.

The amount of the deposit will vary based on the percentage of the property you own. For instance, if your property is valued at £300,000 and you have a 50% mortgage share, you will need to provide a deposit of £7,500 for that portion of the property.

Are there any other fees that come with Shared Ownership?

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Similar to other mortgage types, Shared Ownership entails various costs that need to be considered. These include monthly repayments for both rent and mortgage, as well as expenses such as property survey costs, arrangement fees, and legal fees.

One of our mortgage advisors in Derby will be more than happy to assist you by providing a breakdown of these costs.

Can you take out a Shared Ownership mortgage on any property?

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It's important to note that the Shared Ownership scheme only applies to a limited number of properties. These may include newly built properties, resold properties that are already under shared ownership, or properties designed to cater to specific needs, such as ground floor flats for individuals with long-term disabilities.

If you require advice on Shared Ownership mortgages in Derby, please don't hesitate to contact our team. You can conveniently book a free mortgage appointment online through our 'Get Started' process, selecting a date and time that suits you.

Mortgage Guides & Derbymoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

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