Today’s Best Interest Rates for Shared Ownership Mortgages
Considering a Shared Ownership mortgage but unsure of what interest rates to expect? Read on to find out all you need to know.
If you’re opting to purchase between 10% and 75% of your property through the Shared Ownership scheme and using a mortgage to do so, you might be wondering what interest rate you’d get.
Take a look at the rates table below to get an idea of the current deals available.
Looking for more rates and deals?
We can match you with a mortgage broker who can provide you with up-to-date bespoke rates and deals from across the entire market.
Last updated September 2023
Please note that all rates cited in these tables are purely for example purposes, were accurate at the time of writing and can be subject to change at any time at the lender’s discretion.
How to compare Shared Ownership mortgages
The best way to compare Shared Ownership mortgages is to avoid relying on rates tables and seek out a broker who specialises in this time of mortgage.
We offer a free broker-matching service that will match you with the right specialist. The benefits of using our service to compare rates and deals are as follows…
- Access to the entire market, not just the deals listed on a rates table
- Personalised recommendations about rates and deals
- Help securing the best rate that you qualify for
- Guidance throughout the application process
Make an enquiry with us and we’ll match you with a Shared Ownership mortgage specialist today.
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What is the typical interest rate on a Shared Ownership mortgage?
The rates table above gives a good indication of the typical rates you can get, which aren’t too dissimilar to a rate you could expect if you were purchasing the entirety of a property versus just a portion of it.
Of course various factors will be at play to determine whether you’ll qualify for the best rate deals on offer. Ideally you want to present as a low risk borrower – with steady income, good credit and a healthy deposit.
The lowest rate illustrated in our table would also indicate that interest rates roughly in line with the new Bank of England base rate are not out of the question. The percentage of the property you’re planning to purchase will also be a factor.
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What rate to expect if you’re remortgaging
Remortgaging onto a new Shared Ownership deal, will likely mean incurring a higher interest rate, potentially around 6%.
This is because the number of lenders offering Shared Ownership remortgages is smaller, which means there’s less motivation to offer competitive rates.
Should you be increasing the share of the property you own though, more lenders will be available, which means access to better rates.
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Why use Online Mortgage Advisor?
When it comes to interest rates on Shared Ownership mortgages there are multiple options and several variants that will influence the rate you could get. Without expert advice on how to navigate those it can be easy to lock into a deal with a rate that’s far too high.
Through our free broker-matching service, you can rest assured that you’ll get the right advice.
Working in this space on a daily basis, specialist Shared Ownership brokers know what constitutes a good rate and can enhance your chances of finding it by cutting out the hours of online comparison and digging into their database of both high street and specialist lenders.
Reach out today by calling 0808 189 2301 or filling out this form and you’ll be matched to an expert in obtaining competitive Shared Ownership mortgage rates.
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