Скачать или смотреть Explain Shared Ownership Pros & Cons? | by Explain Mortgages

Amy's strongly considering buying a Shared Ownership home and wants to know more. There's several things for Amy to consider.

The pros of Shared Ownership include:
she's able to get on the ladder using a much smaller deposit than she would ordinarily have needed. Zoe plans to use a 10% deposit on her 25% share - meaning the deposit size if only 2.5% of her flat's value.
By using the scheme now, Amy can get on the market several years earlier than if she'd have to save-up for a normal full-purchase of her flat.
When she earns more in the future, Amy can increase her share size and this will mean paying less rent. Albeit her mortgage repayments would likely rise.

The cons of Shared Ownership include:
Amy must pay a service charge and ground rent on the full flat, on top of the rent she'll pay to her Housing Association.
When she's ready to increase her share in the future, there'll be additional costs and the price she'll pay may rise: it will be based on the new market value, not the initial price that Amy buys it for.
Also, by using this scheme Amy won't then be able to use the alternative Help To Buy scheme, as it's only available to First Time Buyers.

____

CheckMyFile.com

Get your free credit file data, today.

Check your credit file before applying, whether you're a first-time buyer or remortgaging. CheckMyFile provides the data used by the three main credit reference agencies - the same agencies that lenders use to check your score. It includes Equifax, Experian, and Transunion.

They offer a 30-day free trial, after which it becomes £14.99 a month. You can cancel at any time. We recommend you subscribe, download your file, then cancel your subscription.

https://www.checkmyfile.com/credit-re...
CheckMyFile.com is a third party site. If you use their services, we may receive a small fee from them.
_____

Q&A for First Time Buyers
For further information and Q&A, go to https://ExplainMortgages.com

Includes: Q&A sections on:
Buying Process
Mortgages
Mortgage Process
Property
Protection
Getting Help

______

Explain Mortgages is a trading style of The Right Broker Limited, an appointed representative of The Right Mortgage Limited, which is authorised and regulated by the Financial Conduct Authority. The Right Mortgage Limited. Registered address: St Johns Court, 70 St Johns Close, Knowle, Solihull, B93 0NH. Registered in England and Wales. Company No. 08130498.

No fee is payable for our service in relation to mortgage or insurance contracts, as we get paid commission by the lenders/ insurers.

Your home (or property) may be repossessed if you do not keep up repayments on your mortgage.

These videos are not intended to provide professional mortgage advice and should not be relied upon or regarded as a substitute for such advice. The information contained within each video is for illustrative and information only. Information is aimed at UK consumers only. We recommend that you seek advice from a qualified professional mortgage advisor before acting on any information or other content appearing within these videos.