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Janet Hall CeMAP - first choice for advice on your offset mortgage options
Janet Hall, 115 The Street, Crowmarsh Gifford, Wallingford, Oxon OX10 8EF. Tel: 0330 999 1955
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.... start on the ladder ?
Shared ownership, shared equity, keyworkers schemes, starter homes and affordable housing programmes and several descriptions other all fall into the same general category.
 
We will be adding a more extensive shared ownership/equity guide on our download page shortly but this overview covers some of the basics.
 
Most importantly, the difference between shared ownership and shared equity ....
 
With shared ownership you will purchase a share (usually
between 25 & 75%) normally from a housing association or developer - that organisation will continue to own the remaining share and will charge you rent on that share.
 
With shared equity you purchase a share in the same way but there is no rent charged on the other party’s share of the property.
 
Funding cutbacks have reduced the number of these schemes available, in particular the far more attractive shared equity version.
 
In both cases only certain lenders will provide mortgages, these mortgages tend to involve higher rates and fees than standard mortgages. In most cases you can purchase further shares in the property (usually in specific blocks) up to full ownership, but you will incur legal/admin costs each time you do so.
 
Initially these arrangements were specifically for keyworkers (attracting needed categories of workers - police, nurses, teachers etc - to expensive housing areas) but these days both the locations and job definitions have been expanded to cover ‘first time buyers’, low household income etc.
THERE MAY BE A FEE FOR MORTGAGE ADVICE - TYPICALLY 250 FOR REMORTGAGE OR 350 FOR PURCHASE - BUT UP TO 500 FOR COMPLEX CASES.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENT ON YOUR MORTGAGE.
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Janet Hall is an appointed representative of TenetLime Ltd which is authorised and regulated by the Financial Conduct Authority.
TenetLime Ltd is entered on the FCA register (www.fca.gov.uk/pages/register) under reference 311266.
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