Covid 19 Status

In line with HM Government requirements to fight the spread of Covid-19 we have measures in place to ensure that we protect our staff, their families and the wider community, but also to ensure that there is minimal disruption to our customers.

Your access to online Multi Agency Credit Reports, Expert Help and Account Management remains unaffected. We take great pride in the support that we provide to our customers and throughout this period will do all we can to minimise the impact on our services. While the country remains in lockdown we will continue to support your queries via a dedicated and experienced team that will be securely working from home, and supported by a Management Team that will continue to be based at our head office and who will be able to provide customer support as required.

The security measures that we have in place to protect your Personal Data, in line with our Privacy Policy, will mean that some elements of our personalised support are affected during this period as our support team will be working with anonymised data when working remotely. Freephone access to our Credit Analysts has been removed during this period while we focus our efforts on continuing to reply to all of your emails and secure messages within one working day.

Thanks for your understanding, and we hope to have full customer support available as soon as possible and wish you well during these challenging times.

Shared Ownership

What is a Shared Ownership Mortgage?

Shared Ownership Mortgages are used for part buy, part rent schemes. These types of mortgage schemes are popular with first-time buyers because they only require the buyer to find a fraction of the deposit and because they often offer properties at a discount.

Shared Ownership mortgages are a similar scheme to Shared Equity , the difference being that a third party receives monthly rental payments from the borrower in respect of their share in a property and does not therefore share in any future increase in the property value.

When you buy a Shared Ownership Property, you only buy a percentage stake in the property, usually 25 to 50 per cent – from a housing association. Although this can be affordable, as you only own a percentage of the property you will miss out on some of the equity growth if the housing market rises. You can, however ‘staircase‘, which means buying another portion of the property later on.

Many shared ownership schemes, are open to all comers through housing associations. Shared ownership mortgage schemes vary from lender to lender with some lending up to 100% loan to value on the purchased share.

Q: How can I get a shared ownership mortgage?

A: Not all providers will offer a shared ownership mortgage, but there is still a healthy selection of high street banks that do offer them including HSBC, Santander and Barclays.

Q: What happens if one person wants to sell?

A: For the most part it might be easier to sell the entire house and divide the proceeds evenly, but if there is not much mortgage left on the property, it could be worth considering buying out the other person’s share of the house, although this would not be a cheap option.

Q: What is the difference between shared ownership and shared equity?

A: On the face of it the two schemes are very similar, the main difference is that shared ownership is a part buy, part rent scheme that means you’ll still end up paying rent to a third party.

Jargon Buster

Use the links below and the resulting list of terms on the right to locate the term you are looking for. If you can't locate it, please get in touch.