Shared Ownership Mortgages: Your Guide to Getting on the Property Ladder in Manchester
Are you struggling to afford a home in Manchester or the surrounding areas? Shared ownership mortgages might be the key to unlocking your dream of homeownership. This guide will walk you through what shared ownership mortgages are, who qualifies, and how you can take the first steps toward owning your home.
What Is a Shared Ownership Mortgage?
Shared ownership mortgages are a government-backed scheme designed to make homeownership more affordable. With shared ownership, you purchase a percentage of a property (usually between 25% and 75%) and pay rent on the remaining share, which is owned by a housing association. Over time, you can "staircase," which means buying additional shares in the property until you own it outright.
This option is particularly popular in areas like Manchester, Bolton and Wigan where property prices can be a significant barrier for first-time buyers.
Benefits of Shared Ownership Mortgages
Lower Initial Costs: You only need a deposit for the percentage of the property you’re purchasing, making it more affordable than traditional homeownership.
Step onto the Property Ladder: Shared ownership offers a pathway to owning your own home, even if you’re not yet able to afford 100% of a property.
Flexibility to Buy More Later: As your financial situation improves, you can purchase additional shares in the property.
Who Is Eligible for Shared Ownership Mortgage in Manchester?
Eligibility criteria for shared ownership mortgages include:
Your household income is below £80,000 (£90,000 in London).
You’re a first-time buyer, a previous homeowner who can’t afford to buy now, or an existing shared ownership tenant looking to move.
You meet the affordability checks set by the housing association.
How to Apply for a Shared Ownership Mortgage in Manchester
Check Your Eligibility: Use online calculators or speak to a mortgage advisor to see if shared ownership is right for you.
Find a Property: Search for shared ownership properties in Manchester, Bolton, or Wigan. Many housing associations list available homes on their websites.
Secure Financing: Work with a mortgage broker experienced in shared ownership schemes to find the best deal.
Complete the Purchase: Once approved, work with your solicitor to finalize the legal process.
Popular Areas for Shared Ownership in Manchester
Shared ownership schemes are available across Manchester and neighboring areas like Bolton and Wigan. These areas are known for their community feel, excellent transport links, and affordable housing options.
Why Choose Chris Smith and Sarah Tinkler?
We specialise in helping first-time buyers and individuals explore shared ownership mortgages. We understand the local market and are committed to guiding you through every step of the process.
Local Expertise: Our team knows the Greater Manchester market inside out.
Personalised Support: We’ll work with you to find the best mortgage option for your unique situation.
Stress-Free Process: From eligibility checks to securing your mortgage, we’re here to help.
FAQs About Shared Ownership Mortgages
1. Can I sell a shared ownership property? Yes, you can sell your share at any time. The housing association will usually have the first right to find a buyer.
2. What happens if I want to staircase? Staircasing allows you to purchase additional shares in your property. Each time you staircase, the cost is based on the current market value.
3. Are there any additional costs? In addition to your mortgage and rent, you’ll need to budget for service charges, legal fees, and valuation costs.
Get Started Today
Ready to explore shared ownership mortgages in Greater Manchester? Contact 07794933380 to speak with a local expert and take your first step toward owning your home.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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