Shared ownership is a type of mortgage that differs slightly from a standard residential mortgage. Instead of buying the property in its entirety, you only buy a share of the property.
You’ll still be required to pay a mortgage on your share, but then you’ll pay rent on the rest. This is ideal if you’re first time buyers and you’re struggling to save for a deposit – it’s a part buy part rent scheme that helps you get your foot on the property ladder.
Shared ownerships in Liverpool are offered by housing associations, and allow you to purchase between 25% and 75% of the property with the housing association. You’ll simply need to pay a 5% deposit towards the home you’re purchasing!
However, shared ownership mortgages aren’t available to anybody. They’re available to first-time buyers, and those who have previously owned a home but can no longer afford to buy.
Shared ownership mortgages are also available to those who already live in a shared ownership home, or who are renting either a housing association property or a council property.
If your household earns less than £80,000, then you’re also eligible for a shared ownership mortgage. Naturally, the limit goes up to £90,000 if you reside in London.
We can help you with the shared ownership mortgage process, and assess your eligibility before you make any moves to save you time, energy, and money.
We’ll discuss your income with you, as well as your savings, credit history, and your location of choice. This will help us find the best deals for you in your local area.
Your loan amount will typically depend on your income, the cost of the mortgage and rent, as well as service charges and ground rent. However, when you choose LTC Mortgages, you’re likely to get much better interest rates saving you lots of money.
There are plenty of shared ownership opportunities in Liverpool. If you’re considering a shared ownership mortgage in the Liverpool area, then you should consider the fact you’ll be may be required to pay ground rent as well as service charges on your home but on some, this is included in the monthly rent.
You may also need to pay maintenance charges on communal areas if you’ve chosen to purchase a flat. However, there are plenty of advantages to opting for shared ownership. When you choose a shared ownership mortgage instead of a regular mortgage, you can pay rent on a property that you can end up owning in the future.
You can also sell your shared ownership at any time without having to own the whole property, which is useful if you’re worried about finances.
Shared ownership mortgages give you the opportunity to own the home you live in without forking out for a huge deposit. You can also buy a part of the home that you’re renting further down the line.
If a shared ownership mortgage is something you’re considering, then LTC can give you all the advice and guidance you need to make an informed decision and access the best rates possible.
Liverpool is a hub for all things business – there are countless bars, restaurants, businesses, and of course, real estate opportunities. If you live in or around the Liverpool area, then LTC is your go-to local shared ownership mortgage advisor.
We have a solid understanding of real estate in the Liverpool area and the surrounding areas, as well as inside knowledge of over 50 of the UK’s most popular lenders – so we can find you the best rates for your circumstances.
At LTC Mortgages, we understand that it’s not just about getting a mortgage – it’s about getting a home. This is why we’ll do what we can to make the process as stress-free as possible and ensure each step is as streamlined as it could be.
We’re flexible and can be there for you when you need us. We understand that not everybody has the time to visit the office for a chat, which is why we can give our advice over the phone at whatever time is convenient for you. If you can only chat after work, that’s no problem – we can schedule a call for 5:30!
Our extensive knowledge of the industry combined with our excellent customer service makes us your best option in Liverpool to find the best rates and advice on shared ownership mortgages.