Don’t put off owning a property when there are so many ways and means of buying your own home.

If you thought it was impossible to get a foot on the property ladder, think again. Many housing associations around the UK have affordable housing schemes available.

There are some key criteria which must be met in order to qualify. It is therefore important that you speak with us as we understand affordable housing schemes thoroughly before proceeding.

Make sure you can afford a mortgage before you commit. As the loan will be secured against your property, this means if you can't manage the repayments, you may lose your home.

enables you to buy a share of the property that you can afford, usually between 25 per cent and 75 per cent, and pay a rent on the remainder that you do not own.

We help you work out what share you can afford to buy so that you wonít be stretched financially. With shared ownership you can usually buy further shares of your home as and when you can afford to.

There are some key criteria which must be met in order to qualify;

* Your household income must be under £90,000 per year (in London) * You will need to provide documentary evidence of your income and bank account conduct, going back 6 months * You cannot have any outstanding adverse credit recorded against you * You must be able to prove that you can sustain the costs involved in buying or renting a home * You need a deposit, generally more than 5% of the share purchase price. This should ideally have been built up. * You must not already own a home in the UK or abroad

Mortgages

Not every lender offers shared ownership mortgages. This is specialist lending. To avoid wasting time and to find the best rate, based upon your individual circumstances, contact a Consultant who will guide you through the process.

Buying Further Shares

Staircasing, as it's known. You can buy further shares in your home, moving up to owning it outright, at any time after you become the owner.

* You have to pay for the housing association to carry out an independent valuation. * The cost of your new shares will depend on the up to date value of your home, at the time you want to staircase. * The housing association will confirm the new price of further shares. * If prices in your town have gone up, the shares will cost you more than the original purchase. * If prices have dropped, shares will cost you less.

Moving Home

If you already own the property outright, you can sell it yourself via an estate agent.

If you still own a share, you must offer it back to the housing association in the first instance, who will attempt to find a buyer for your "share".

The housing association (usually) have eight weeks to assist with the sale (this will vary from lease to lease).

Your home becomes a "resale shared ownership" property and is not restricted to "new build" restrictions lenders have.

What happens next?

Get yourself an affordability and sustainability assessment

Complete our affordability assessment and we'll call you back with the result:Click Here.

Part of the Help to Buy mortgage scheme, open to both first-time and home movers, on new build properties up to £600,000. This needs to be your main residence. You will not be able to sub-let your home if you use this scheme.

How it works

With a Help to Buy equity loan you need to contribute at least 5% of the property price as a deposit. Government will give you a loan for up to 20% of the purchase price. You need a mortgage of up to 75% to cover the rest.

Example

For a property worth £200,000

Cash Deposit £10,000 5%

Equity Loan £40,000 20%

Your Mortgage £150,000 75%

Moving on, If this home is sold for £210,000, you get £168,000 (80%, from your mortgage and the cash deposit) and pay back £42,000 on the loan (20%). You would need to pay off your mortgage with your share of the money.

What you need to know about the equity loan fees

* You will not be charged loan fees for the first 5 years of owning your home. * In the 6th year, you will be charged a % fee of the loans value. * After this, the fee will increase every year. The increase is worked out by using the Retail Prices Index plus 1%. * Your Help to Buy agent will contact you before the fees start, to set up monthly payments with your bank. * You will also be sent a statement about your loan each year. * Fees do not count towards paying back the equity loan.

Moving home?

* The home will be in your name, which means you can sell it at any time. * You will have to pay back the equity loan when you sell your home or at the end of your mortgage period - whichever comes first. * You can also pay back some of your equity loan without selling your home. * You can pay back either 10% or 20% or the total amount, so long as the loan is worth at least 10% of the value of your home.

What happens next?

Contact us if you would like to buy a home with an equity loan. Fees do not count towards paying back the equity loan.

You must buy your home from a registered Help to Buy builder/developer.

Make sure you can afford a mortgage before you commit. As the loan will be secured against your property, this means if you can't manage the repayments, you may lose your home.

If you still own a share, you must offer it back to the housing association in the first instance, who will attempt to find a buyer for your "share".

The housing association (usually) have eight weeks to assist with the sale (this will vary from lease to lease).

Your home becomes a "resale shared ownership" property and is not restricted to "new build" restrictions lenders have.

Other Schemes

Right to Aquire

Social Homebuy

Help to Buy - Mortgage Guarantee

Right to Buy

Please contact us for further details.