Choosing a Shared Ownership mortgage

We’ll help you find the right expert.

Choosing a Shared Ownership mortgage is a big financial decision. If you are looking for a mortgage, we want to make it easier for you to choose an expert mortgage broker.

Our panel of mortgage brokers offer an initial eligibility check free. It is not intended to give you specific advice about your situation. It’s a chance to see how the mortgage broker works, how much they charge to arrange your mortgage and to get a sense of whether you feel comfortable with them.

You can use your own mortgage broker. One of our panel members will still do the first eligibility check and if you decide to reserve a home. They will carry out a supporting document sign off process on our behalf, for eligibility and audit purposes.

It is important to keep up with your monthly mortgage payments. Failure to do so could mean your home may be repossessed.

We advise speaking to independent financial advisors to ensure you can afford the monthly costs prior to agreeing a mortgage.

All our advisors are regulated by the Financial Conduct Authority. They will help you fully understand the purchase price and ongoing payments needed to meet your obligations.

If you miss payments, contact your lender immediately to discuss options. Acting quickly gives you the best chance to get back on track.

We want your home ownership experience to be stress-free. Our advisors will support you in making informed decisions you can budget for. Don’t hesitate to get professional mortgage advice.

Shared Ownership Mortgage Calculator

Our calculator can give you a sign of how much you might borrow and what your monthly mortgage and rent payments may be under a Shared Ownership scheme. This helps you understand whether this type of mortgage is suitable for you. It is based on your financial situation and helps you plan your budget accordingly.

Our mortgage calculator will help you understand what your mortgage may cost. Speak to a mortgage broker for a personalised quote.

Guinness Homes are not financial advisors, and this tool is to be used for research purposes only. Please contact a mortgage broker to discuss your finances.

£500000
£10
25 years
5.5%
Monthly Mortgage Payment

Our panel of mortgage brokers

Our panel of mortgage brokers offer an initial eligibility check free of charge. This isn’t designed to give you specific advice about your situation. It’s a chance to see how the mortgage broker works, how much they charge to arrange your mortgage and to get a sense of whether you feel comfortable with them.

Censeo Financial (London)

Tel: 0207 090 7290

Email: guinness@censeo-financial.com

Website: www.censeo-financial.com

As a top affordable home ownership mortgage consultancy, they collaborate with all UK Mortgage Lenders to turn your homeownership dreams into reality.

They have a team of experienced, amiable, and well-informed mortgage consultants ready to assist you in securing the most suitable mortgage for your individual requirements.

They partner with some of the UK’s foremost housing associations and developers to help you acquire a home that is both sustainable and affordable.

Metro Finance (North)

Tel: 0800 328 3684

Email: guinness@metrofinance.co.uk

Website: www.metrofinance.co.uk

Established in 1996, they have received several accolades for our contributions to First-Time Buyers and garnered respectable Trust pilot reviews.

They have the confidence of approximately 90 Housing Associations, allowing them to concentrate their efforts on Shared Ownership purchasers.

TMP Mortgages (South & West)

Tel: 0800 488 0814

Email: guinness@tmpmortgages.co.uk

Website: www.tmpmortgages.co.uk

Their goal is to make the process as simple and enjoyable as possible.

If the concept of Shared Ownership seems confusing, fear not. It’s actually quite straightforward, extremely convenient, and a proven method for making home buying more affordable.

No matter which property has caught your attention, their skilled team will go above and beyond to ensure you have the keys to your new home securely in your grasp.

They will provide clear explanations and the necessary assistance to help you reach your desired outcome.

Evolve Financial Solutions

Tel: 01473 603211

Email: askus@evolvefs.com

Website: www.evolvefs.com

Evolve Financial Solutions is a national firm of new build specialist mortgage brokers that covers the UK from their Ipswich, Suffolk offices. It was founded by Jason Blunden in 2009.

What our mortgage brokers can do for you

At the application stage, our mortgage brokers carry out a broker sign off, checking your income and expenditure meets our eligibility criteria. They’ll also help you understand the potential monthly mortgage payments for the property of your choice. Even if you have your own mortgage broker or agreement in principle, we still carry out this check for your peace of mind.

This is carried out by our mortgage brokers, even if you decide to arrange a mortgage with your own mortgage broker.

These checks are carried out for all Shared Ownership applicants, even if you are cash buyers, to make buying your home a pleasant one.

Ensure you have the following documents ready for your mortgage broker. They will require everything listed below:

  • Your last three months’ bank statements
  • Your last three months’ pay slips
  • Proof of any bonuses or commission
  • Your latest P60 tax form (showing income and tax paid)
  • Your last three years’ accounts or tax returns (if you’re self-employed)
  • ID documents (Passport or driving license)
  • Proof of address (e.g. recent utility bill or credit card statement)
  • Proof of deposit – copy of the bank or savings statement (If a family member is gifting you a deposit, the statement should be in their name)
  • A deposit gift letter (If you’re getting deposit help, the lender needs to know it’s a gift and not a loan)

Shared Ownership Mortgage and Affordability FAQ

What factors can affect the accuracy of a Shared Ownership mortgage calculator?

The accuracy of a calculator depends on the accuracy of the information you provide, such as your income, deposit, and property price.

Interest rates, lending criteria, and rental costs can vary between mortgage lenders and providers, which may lead to discrepancies in the calculation.

Can I use a calculator to re-mortgage my current Shared Ownership home?

Yes, you can use a calculator to estimate the amount you could borrow and the monthly payments required for a re-mortgage.

Keep in mind that this calculation will be indicative and may vary depending on your chosen mortgage lender and the specific terms of your new mortgage.

Can registering to vote help when lending a mortgage?

If you have registered to vote, then you should already be on the electoral roll at your current address. The electoral roll is used by all mortgage lenders to check you are who you say you are so they can ensure someone else isn’t using your identity fraudulently to make credit applications in your name.

If you’re not registered on the electoral roll, you can register to vote online.

What is rent reporting and can it help with approving a mortgage?

There is a way to enhance your credit report by registering your current monthly rent payments. To make this happen, a company called Credit Ladder can share your rental payments with a credit reference agency.

Sharing your rental payment history will help mortgage lenders quickly check your identity online and will enhance your credit history. You should then ensure you always make an on-time rent payment. This may make it easier for you to be approved for mortgage finance.

Credit Ladder offers a free service for rent reporting.

Are there any additional costs to consider when using a Shared Ownership mortgage calculator?

When using a Shared Ownership mortgage calculator, it’s important to remember that additional costs, such as service charges, ground rent, and any potential maintenance fees may not be included in the calculation. These costs can affect your overall affordability, so it’s essential to factor them in when planning your budget.

Can I increase my share of a Shared Ownership home in the future?

Yes, with most Shared Ownership schemes, you have the option to increase your share of the property in a process known as “staircasing”. This allows you to purchase additional equity in your home, which may lower your rent payments and increase your ownership stake in the property over time.

Can a Shared Ownership mortgage calculator account for changes in interest rates and rental costs?

It typically provides an estimate based on the interest rates and rental costs at the time of calculation. However, it’s important to keep in mind that these rates can change over time.

Your actual mortgage and rent payments may vary depending on market conditions and any changes made by your mortgage lender or landlord.

How do I check my credit file?

Check your credit file to ensure the information held is correct. This information will be used by the lenders to confirm you are a good credit risk.

Credit Karma & Clearscore are two providers that currently offer an ongoing free monthly credit report.

Do gambling payments affect getting a mortgage?

We have seen lenders reject customers’ for having regular items on their bank statements such as payments to gambling companies and even bingo websites. If these types of payments are on your bank statements, make sure you tell your mortgage broker so an explanation can accompany the statements.

Do payday loans affect getting a mortgage?

Using these types of lenders is never a good idea – their high rates of interest can cause payment problems. A payday loan could also harm your chances of mortgage success. Some mortgage lenders have changed their criteria to bar those who have taken out a short-term loan in the past 12 months. Speak to your mortgage broker if this affects you.