The Shared Ownership Process - Explained

At Mortgagemove our wonderful advisers have helped many first-time buyers join the property ladder, some of which are through using the shared ownership scheme. (Shared ownership is when you co-own your house with a housing association. You purchase a share between 25-75% with a mortgage or savings and rent the remaining share from the housing association. This is a part-rent, part-buy scenario.)

We have heard from a couple who have recently completed and moved into their new home, they have shared the story of their process with us:

Our Shared Ownership story:

“We had been living in a small converted garage for a year or so that’s attached to my parent’s home. We started to wonder how we would ever afford to move out into a proper place of our own.

We decided to get some advice from Mortgagemove about our options and go from there. At the start, we weren’t feeling too positive or hopeful about it all, as we only had a small deposit and not an enormous monthly income between us. But after speaking to Greig who told us about shared ownership, we started to feel a bit more optimistic about it all.

We had heard the off thing about shared ownership here and there, and we were quite dubious about it to be honest, as it sounded too good to be true. Although, with Greig taking the time to explain everything in detail with us and he didn’t make it too complicated or pressured us into anything was great.

We left that first meeting feeling very very positive and excited to start looking at properties. After Greig had the information he needed from us, he was able to give us an idea of a budget, which was a lot more than if we were buying the in more “traditional” way. We set about looking for a new home and came across a couple of new developments, and we picked the home we wanted and had viewings and decided to go for it!

The whole process was brilliant and relatively stress-free, we moved into a new build home and are very very happy! We can’t thank Mortgagemove enough for making the process so understandable and easy. Shared ownership is an amazing thing and more people should look into it as it has enabled us to buy the house we dreamed of instead of the cheapest house we could find.

From being people who knew nothing about shared ownership and were wary of it, we would definitely recommend giving it a go as it has changed our lives!’

-Jack & Jess, Completed 15th December 2022.

To learn more about Shared Ownership and if it could be right for you, please read our blog post: Does Shared Ownership Work For You?

If you think shared ownership could be for you, get in touch with one of our advisers today with a short 15-minute phone call to our freephone mortgage helpline to get started. All you need to do is phone us directly on 0333 005 0333, or text ADVICE to 82228.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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