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Shared Ownership

Over the last few years the Government have set up of a number of affordable housing schemes to help first time buyers get on the property ladder.

Full details of these schemes can be found at www.home-buy.info.

One of the most common of these schemes is a shared ownership arrangement, where the purchaser buys a proportion of the property and rents the remainder from the Housing Association (registered Social Landlord).

Currently there are very few lenders on the market that will lend for this type of arrangement. Here at A Mortgage Now we have links with all the Mortgage Lenders in the Shared Ownership market and can help you with these purchases.

Please note that for a shared ownership purchase you will need a deposit of 10% minimum (15% for a new build flat).

Also a clean credit record is necessary. To have a clean credit record you need to have no missed or late payments on your credit file during the past six years.

When purchasing under a Shared Ownership arrangement Lenders will expect you to be able to afford both the mortgage payment and the rental payment (for the rented share of the property) when calculating your affordability.

To obtain your mortgage offer in principle for a Shared Ownership, Key Worker or Homebuy purchase, click on our mouse at the top of the page.