Shared Ownership Mortgages in Maidstone

What is Shared Ownership?

Shared ownership, sometimes called part-buy/part-rent, is a specialist scheme designed to help those who might struggle to buy a home outright. With a shared ownership mortgage, you purchase a percentage of the property, often starting at 25%, & pay rent on the remainder to a housing association or registered provider. This structure means your deposit & mortgage are based only on the share you purchase, making the initial costs lower & monthly outgoings more manageable.

Eligibility is defined by each scheme, however typically applicants a First Time Buyers or previous homeowners who are unable to purchase a property on the Open Market. There are maximum household income limits (£80,000 outside London), however, to check if meet the affordability requirements allow Mortgage & More to provide expert, reliable advice on navigating the application, ensuring you understand every nuance of how shared ownership works.

How Much Can I Buy?

With shared ownership mortgages, buyers can usually purchase between 25% & 75% of a property. Some schemes now offer the chance to buy as little as a 10% share, allowing even more flexibility for buyers with different budgets. You can fund your initial share purchase through savings or secure a shared ownership mortgage tailored to your circumstances, a service Mortgage & More specialises in as an accredited Mortgage Broker in Kent.

Deposits are typically between 5% & 10% of the share you're acquiring, not the total property price, which further lowers your initial outlay. Over time, you can increase your share through ‘staircasing': buying extra shares, sometimes until you own 100% of your home. Each time you buy more shares, the rent you pay on the landlord's portion decreases. Our experienced advisors will guide you through each step & help you access the best shared equity mortgage rates for your needs.

What Homes Can I Buy Through Shared Ownership/Shared Equity?

Shared ownership & shared equity schemes provide a variety of property, making it easier to find a home that suits your needs & circumstances. All homes purchased under these schemes are leasehold properties, & they are provided by approved housing associations, local councils, or other eligible organisations.

Through shared ownership, you can buy:

• New-build homes: Ideal if you want a property that has never been lived in before.
• Resale homes: These are pre-owned shared ownership properties being sold on by their current owners.
• Homes adapted for long-term disabilities: Such as ground floor flats or homes with special accessibility modifications to meet specific needs.
• Other eligible homes: Properties offered by participating providers, sometimes with options tailored for various circumstances.

While the process is similar to a standard home purchase, you should be aware of additional factors like service charges & legal fees, especially when buying more shares over time (staircasing). At Mortgage & More, we offer reliable, independent advice & ongoing support to help you understand every detail & make informed choices, whether you're a first-time buyer or exploring remortgage options later on.