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Mortgage360 are here to help you make the right choice.

Here at Mortgage360 we pride ourselves on offering tailored advice, coupled with great service. We are mortgage experts, so you can rest assured that you are in safe hands when searching for your new mortgage, whatever your situation may be.

Key Benefits

We are committed to guiding you through one of life's most significant financial decisions.

When it comes to securing the right mortgage, our expert team is here to ensure that you make informed choices tailored to your unique needs.

We understand the market – we’ll advise on how to secure a shared ownership mortgage to get you on the property ladder.
We’ll advise on specialist schemes and lenders to match your requirements.
We’re here if you want to increase your ownership stake in the future.

For many people, particularly those on a low income, the dream of being a homeowner can seem out of reach in terms of saving a deposit then securing the right mortgage deal.

Shared ownership mortgages and shared ownership properties were first introduced back in 1980 with the Housing Act 1980, to help people who could not afford to buy a home outright. This government scheme was originally designed to help low income families onto the housing ladder.

House prices have continued to rise. Today, shared ownership mortgages provide a real opportunity for first time buyers, and not necessarily from low income households.

A shared ownership mortgage enables you to buy a share of a property, typically anything from 25-75%. This means a lower deposit, a smaller mortgage and smaller mortgage repayments, which can make taking the first step onto the property ladder easier, quicker and more affordable.

There is usually the opportunity to buy a larger share of the property as time passes, meaning at some stage in the future you may own the entire home.

Here’s an example

A shared ownership mortgage provides an opportunity to make that all-important step towards buying your own home. It’s a hybrid option between buying and selling – the home remains the property of a housing association, and you will pay rent on the percentage that you don’t own, which isn’t covered by your mortgage repayments.

Over time, you have the opportunity to ‘staircase’. As you save or as your income increases, you can increase your percentage ownership of the shared ownership property. This means your mortgage payments will increase, but your rent will decrease proportionately.

Here’s how it works in principle.

  • If you want to buy a 25% share in a £200,000 home under a shared ownership arrangement, your share of the property will be £50,000.
  • You will typically need a deposit of 10% of the value of your share, at £5,000.
  • The housing association owns the remaining share at £150,000.
  • You will need a mortgage of £45,000
  • The rent on the remaining 75% of the property will be subsidised as housing associations charge less than the private rental market. The monthly cost you will pay for the mortgage and the rent will typically be less than renting, and you are also buying a share of the property at the same time.

There are also schemes available which means some buyers don’t need to find a deposit.

Benefits of a shared ownership mortgage

Shared ownership is a valuable option for those on a low income, first time buyers and people struggling to put together a sizeable deposit whilst already paying significant amounts on rent

  • There are zero deposit options available
  • As the property increases in value, you benefit as the value of your share increases too
  • Although you will pay rent, a shared ownership mortgage is usually cheaper than private property rentals, and you’re paying off your share too with your monthly mortgage payments
  • You usually don’t have to pay stamp duty on your house purchase until your share exceeds 80%
  • You may be able to afford a larger property and also in a sought-after area, as some housing developments are required by planning permission to include shared ownership properties under their affordable housing commitments

Drawbacks of a shared ownership mortgage

  • You don’t own the whole property with a shared ownership scheme
  • You have to live in the property – you can’t rent it out
  • Shared ownership mortgages can be difficult to secure
  • You can’t just decide to sell shared ownership properties, you have to offer it first to the housing association owning the remaining share
  • These properties are usually leasehold so may attract monthly service charges and ground rent which will need to be factored into your overall affordability

As with any property, if you default on your shared ownership mortgage/rent payments, your home may be repossessed.

What are the considerations before applying?

Deciding whether a shared ownership mortgage is the right route for you is dependent upon your personal circumstances. It’s a partnership providing an affordable housing opportunity for people who probably wouldn’t qualify for the mortgage on the entire property otherwise.

  • There will be fewer choices of property available in most areas, but these will not be in undesirable areas, as some people think
  • The price you pay to ‘staircase’, or increase your share, will rise and fall with the market value of the property

It’s a big financial decision. Here at Mortgage360, we can help you to look at the options, and your choices and help you on the road to securing a shared ownership mortgage and your first step on the property ladder.

What are the eligibility criteria for a shared ownership mortgage?

Let’s take a closer look at the criteria for shared ownership and shared ownership mortgages. You can qualify to buy a home through shared ownership if both of the following are true:

  • You must be at least 18 years old
  • Your household income must be £80,000 a year or less (£90,000 a year or less in London)
  • You cannot afford all of the deposit and mortgage payments for a home that meets your needs

At least one of the following must also apply:

  • You’re a first-time buyer
  • You own a property once but can’t afford to buy again
  • You’re forming a new household, maybe after a relationship breakdown
  • You’re already benefiting from shared ownership and to you want or need to move
  • You own a home and want to move but cannot afford a new home that meets your needs

Remember it’s not possible to get a shared ownership mortgage on any home on the market, only on certain properties, which are usually purpose-built for shared ownership sale.

Before you can apply for a shared ownership mortgage and acquire a shared ownership property, you’ll need to chat with your local Housing Association to see what schemes are available where you live and if you’re eligible for them. You’ll also need to register on an official Shared Ownership scheme.

Can you remortgage a shared ownership property

A shared ownership mortgage is a conventional mortgage product so yes, you can remortgage a shared ownership property. However, as you only own a percentage of the property, you can only remortgage against that percentage.

Your options will be limited because only a few lenders offer shared ownership mortgages, and often only through intermediaries. Obviously, you need the agreement of the Housing Association which owns the remaining share of the property.

Talk to our advisers at Mortgage360 if you want to remortgage a shared ownership property. We’ll talk through your personal circumstances and provide you with advice and recommendations.

As with any mortgage deal, the most suitable one for you will depend entirely on your individual circumstances. Our expert mortgage advisers can help you find the right shared ownership remortgage deal.

What happens if I want to sell?

First, you need to talk to the Housing Association about first refusal on the shared ownership property. The price will be set by the Housing Association’s own valuer, and when the house is sold, you’ll receive a share based on your percentage share of the property value.

The Housing Association will agree to a period of time to market the property. If they don’t sell it within that time, you will be allowed to put it on the open market.

How do I get a shared ownership mortgage?

Start by registering with your local shared ownership scheme, which means you have access to the properties being marketed under the scheme.

This will involve a financial assessment meeting with the Housing Association, which will establish what share you can afford based on your individual circumstances, and also how much rent you may need to pay.

Then it’s time to contact us at Mortgage360. There are a limited number of shared ownership mortgage lenders offering shared ownership mortgages, so we can provide advice on specialist mortgage providers and help you get on the property ladder to secure your own home!

Shared Ownership Mortgage Broker

Here at Mortgage360, we can provide expert advice on all your mortgage and insurance needs.

Whether you’re ready to get started on your journey now, or you’d just like a no obligation consultation, we’d love to hear from you…

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There may be a fee for arranging a mortgage. The precise amount will depend upon your circumstances, however we estimate this to be between £200 and £600.


See what our clients are saying....

Zoe Cameron
September 28, 2023

Great service from Mortgage360, following a recommendation from my financial advisor. They efficiently went through our criteria and found the best mortgage to suit our needs. Their comms are great, they kept me fully informed throughout. Thank you Gavin and Matt.

Barnaby Fox
September 14, 2023

Gavin/the team was extremely efficient and communicative through the whole process, resulting in getting a mortgage at a great rate.

Richard Fryer
June 30, 2023

After working with Matt from Mortgage 360 previously on our first mortgage he shows excellent customer service and caters for the needs of the client. Couldn’t be happier working with Mortgage 360 especially in the current climate as the business answers all the questions asked and takes the customers best interests into account.

Samia Umarq
May 15, 2023

Gav arranged my mortgage he was great throughout the process keeping informed, very friendly and knowledgeable highly recommend him.

R Virk
R Virk
May 10, 2023

Excellent service from Gavin Watson

I contacted Gavin Watson, as I was needing to remortgage my property quickly, as my previous fixed arrangement was due to end within weeks. Therefore, there was a sense of urgency on my part. I need not have worried as Gavin was very supportive and professional from the first contact to the completion of the new mortgage arrangement. He took the time to listen and explain all the options I had and guidance on the best option for my particular circumstance. Gavin ensured the remortgage was completed effectively and efficiently, not to mention, well within the timescale. If you are looking for a professional, who has the best interests at heart for his clients, then look no further. I highly recommend Gavin Watson, if you are in the market for a mortgage. Thank you so much Gavin for such an excellent service.

Angela Holder
Angela Holder
May 6, 2023

Great service from Matt for the second…

Great service from Matt for the second time. He was fast to give advice and extremely efficient in obtaining the best possible mortgage. The whole process was smooth and stress free.

Aiden palmer
Aiden palmer
May 4, 2023

Brilliant service!

Brilliant service!! Gavin has helped us so much to get our mortgage and we couldn’t have done it without him. We will definitely use him again in the future. Thankyou so much!

GALE Boyes
April 21, 2023

Absolutely amazing service from Matt can't thank him enough for securing our mortgage for our forever home considering our past credit history. Thankyou again Matt at pulsar. 100% recommend.

Jamie Chan
Jamie Chan
April 4, 2023

Matt continues to provide exceptional…

Matt continues to provide exceptional client services, and is very diligent in searching the market for the best deal. Highly recommended. Thanks, Jamie

Sue Alexander
Sue Alexander
March 16, 2023

I recommend Pulsar to everyone

I would recommend Pulsar to everyone. Gavin has been amazing helping me to buy my council house. As this is my first home purchase and I’m not young!! He made everything easy to understand and made the mortgage mind field easier to navigate, getting me the best deal. I know that ongoing support is there if and when I need it. Thank you Gavin x

David Ian
David Ian
March 3, 2023

Great service, friendly, prompt and professional personal recommendation led us to…

A personal recommendation led us to Pulsar F. S. Matthew Illingsworth was very helpful, prompt and supportive through the process of obtaining a bridging loan to purchase. The documentation explained our options and laid out the process clearly. Would full recommend to others.

Amanda Underhill
Amanda Underhill
February 27, 2023

Remortgage recommendation

Gavin has been absolutely amazing dealing with my remortgage. Professional but personable from the start, he has been able to secure the right mortgage for me and supported me through the process giving impartial advice and a range of options for me to consider. He’s provided timely support, and has been contactable to answer questions as needed - this has been exactly what I needed during a stressful time remortgaging during divorce negotiations. I’d highly recommend Pulsar Financial Services!

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