We can help you get onto the property ladder with a Shared Ownership mortgage
If you’re struggling to save enough for a deposit you could still you could still get onto the property ladder through the Shared Ownership scheme. Whether you’re a first-time buyer or home mover, we could help you buy a share of between 25-75% of a property and then pay rent on the remaining share.
- From only 5% deposit required
- Government equity loan of 20% (40% in London)
- 75% (55% London) mortgage needed
- Competitive rates
Getting one customer onto the property ladder through the Shared Ownership scheme
Mr and Mrs W wanted to move out of their council home and buy a larger property that could accommodate their growing family. They’d managed to save a deposit but couldn’t afford to buy a house in the area as prices were too high.
Plus, Mr W had previously been in a Debt Management Plan (DMP) and his income was in fact part of a benefit package as he was unable to work due to long-term health issues.
With Clever Mortgages, the couple was able to:
- Take out a mortgage with a lender which would accept Mr W’s income
- Buy a new family home using the Shared Ownership scheme
- Put down a smaller deposit than they thought they’d initially need
- Secure a 2 year fixed-rate mortgage so their circumstances could be reviewed and given the option to buy an additional share of the property
| Balance | Payment | Rate | Term | |
|---|---|---|---|---|
| New mortgage | £100,000 | £618.30 | 2.84% | 15 years |
New Mortgage
| Balance | £100,000 |
| Payment | £618.30 |
| Rate | 2.84% |
| Term | 15 Years |
Mr and Mrs W needed a larger home to accommodate their family – however, house prices in the area were out of their reach. They were both happy with the suggestion of Shared Ownership and managed to buy a house which met their needs.
We approached a lender that was willing to take on their case and we worked together to make sure the monthly mortgage and Shared Ownership rent amounts were affordable. The couple were delighted to move out of their council home and will have their circumstances reviewed after a couple of years to see if they can buy more share of the property.
No obligation advice on Help to buy mortgage
Try our Mortgage Calculator – let’s see what you could borrow
Based on a property value of £ with a £ mortgage for years
Latest mortgage best buys
Based on a mortgage of £130,000 on a property worth £260,000
then 4.55% (variable)
Fees and charges
-
Booking fee£0.00
-
Arrangement fee£1,999.00
-
Valuation fee£430.00
-
Other fees£742.00
-
Cashback£0.00
Other info
-
Exit fee£195.00
Flexibility
-
Overpayments allowed?Yes
- Representative example
- A mortgage of £130,000.00 payable over 25 years, on a ‘Fixed rate’ of 1.19% would initially cost £501.20 for 26 months. This would be followed by 274 monthly payments at a variable rate of 4.55% costing £706.09 per month. The total amount payable over the full term of the mortgage would be £206,499.86, made up of the loan amount plus interest and fees (£2,664.00). The overall cost for comparison is 4% APRC.
then 3.59% (variable)
Fees and charges
-
Booking fee£0.00
-
Arrangement fee£999.00
-
Valuation fee£0.00
-
Other fees£540.00
-
Cashback£0.00
Other info
-
Exit fee£65.00
Flexibility
-
Overpayments allowed?Yes
- Representative example
- A mortgage of £130,000.00 payable over 25 years, on a ‘Tracker rate’ of 1.39% would initially cost £513.23 for 24 months. This would be followed by 276 monthly payments at a variable rate of 3.59% costing £645.61 per month. The total amount payable over the full term of the mortgage would be £190,505.88, made up of the loan amount plus interest and fees (£1,084.00). The overall cost for comparison is 3.2% APRC.
then 5.89% (variable)
Fees and charges
-
Booking fee£199.00
-
Arrangement fee£800.00
-
Valuation fee£0.00
-
Other fees£855.00
-
Cashback£0.00
Other info
-
Exit fee£150.00
Flexibility
-
Overpayments allowed?Yes
- Representative example
- A mortgage of £130,000.00 payable over 25 years, on a ‘Variable rate’ of 2.84% would initially cost £605.71 for 0 months. This would be followed by 300 monthly payments at a variable rate of 5.89% costing £605.71 per month. The total amount payable over the full term of the mortgage would be £181,713.00, made up of the loan amount plus interest and fees (£1,149.00). The overall cost for comparison is 2.9% APRC.
6 Great reasons to choose Clever Mortgages
Specialists in bad credit
Every member of our team is trained in bad credit situations and know how to find the right solutions for customers – helping them get the mortgage that’ll get them back on track.
Over 100 lenders
We know that sorting out a remortgage can be stressful – but our experienced team of experts will have any questions you have along the way, and will always be proactive when it comes to keeping you in the loop with your application progress.
Experts in bad credit
We have helped 1000’s of people with bad credit. All our advisors are trained on securing mortgages for clients with bad credit. In short, we know this market.
Access To Exclusive Rates
We have access to every adverse friendly lender, we can often secure you exclusive rates you can’t find on the high street.
First class support
We know that sorting out a remortgage can be stressful – but our experienced team of experts will have any questions you have along the way, and will always be proactive when it comes to keeping you in the loop with your application progress.
Excellent Reviews
We’re proud of our long-standing 5 Star Rating on Trustpilot, and love all the positive feedback we get from customers every day. We feel privileged to help people get a great deal with far less stress.
Why use a mortgage broker?
Mortgage brokers help you find the best deals on the market – not just from one lender. With a broker you can expect:
- Valuable knowledge, through years of experience helping customers to find mortgages
- An improved chance at finding a mortgage, some mortgages are only available through a broker
- Help with the application process, as usually just one application can be used across various lenders
- Advice on how to improve your chances, for instance getting a guarantor or applying for a joint mortgage
About Clever Mortgages
We specialise in assessing an individual’s situation, and finding the right mortgage solution for them. We can help:
- With remortgages, buy-to-let, and first-time buyers mortgages. We have experts who cover these areas
- Even if you’ve got bad credit – we help people every day with a variety of credit histories to find the right mortgage
- With applications, as we’ll take the hassle away. We require your details once and we’ll know the best lenders for your circumstance
- Our team know the lenders that are most likely to say ‘yes’, and give you the best rates
What should I do next?
- You enquire online with us today or request a call back
Our simple form takes a couple of minutes to fill in, this gets the ball rolling
- One of our experts will give you a call to find out more about your situation
We have experts in remortgaging, who focus solely on helping customers save money
- We do all the hard work for you
We search the market for the trusted lender that’s right for you
- Our expert will get back in touch
We can guide you every step of the way, and we’ll always keep you up-to-date with progress
Speak to a broker
Alison Tetlow
Alison is a specialist mortgage broker who has been working for Clever Mortgages for 7 years helping customers with bad credit and has over 25 years experience within the mortgage and housing market.
Call us on: 0800 197 0504
Below are some of the lenders we work with
