How To Apply For A Shared Ownership Mortgage

Everything you need to know about Shared Ownership and how a broker can help you through your application

Firstly, are you looking to purchase a shared ownership / shared equity property?

Home Shared Ownership How To Apply For A Shared Ownership Mortgage
Pete Mugleston

Author: Pete Mugleston

Mortgage Advisor, MD

Updated: April 25, 2024

The Shared Ownership scheme allows you to buy a share in a home between 10% and 75% of its market value. While you pay rent on the rest, it can offer an affordable way to get on the property ladder.

Here, we look at the application process for getting a mortgage using the scheme and how long that can take. Plus, we identify how a mortgage broker can help and how their assistance can speed up your application.

What does the application process involve for a Shared Ownership mortgage?

In comparison to getting a mortgage for a standard house purchase, there are a couple more steps when buying through this scheme.

Check your eligible for the scheme

Before even looking for a property under the scheme, make sure you meet the following criteria:

  • Your household income is £80,000 a year or less. If you are buying in London, your income can be up to £90,000.
  • AND, you cannot afford all of the deposit and mortgage repayments on a home that meets your needs.

Plus, you need to be one of the following:

  • A first-time buyer
  • A previous homeowner who can no longer afford to buy a new property
  • An existing shared owner and you want to move
  • Forming a new household – i.e. because of a relationship breakdown
  • A homeowner who has to move but cannot afford a new home that meets your needs

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How long does the Shared Ownership process take?

Typically, the timeline can take up to 12 weeks from the developer accepting your offer and exchanging contracts. Completion could take a little longer.

How a Shared Ownership broker can help with your application

Ultimately, using an expert Shared Ownership mortgage advisor can speed up the application process for you and ensure that you are approved for a mortgage. Plus, they can help you secure a better mortgage deal.

They can do so because:

  • They know the process inside out, which helps with completing your Shared Ownership application. They remove any complexity for you, allowing you to submit your paperwork quickly.
  • They know how to maximise what you can borrow, balanced against how much deposit you have, your earnings and outgoings, and the price of the Shared Ownership property you want to buy.
  • They can then advise you accordingly on the best lender for your financial circumstances and property needs – potentially helping you to secure a lower rate or longer payback term.

You don’t waste any time as a result of all these factors, making the process smoother and more efficient.

Additionally, not only do you save time, you also save on stress and money thanks to a broker boosting your chances of securing the lowest interest rate possible for your situation. Finally, they reduce the risk of a failed application affecting your credit rating. Brokers will only ever suggest lenders who are most likely to approve your application.

Get in touch if you want us to connect you with one of the experienced Shared Ownership advisors we work with.

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Can you apply online?

Yes, absolutely. While it’s possible to complete a paper form and submit it via post, applying online removes any worry about your form getting lost.

Once you’ve registered with a Help to Buy agent, you can sign into your account on their website. From there, you can complete a Shared Ownership form or an ‘affordable home ownership form’. It takes around 10 minutes to complete. Alternatively, a broker could help complete this for you.

Speak to a broker who specialises in Shared Ownership

The Shared Ownership scheme has been established to help people get on the property ladder. However, it’s an additional step in the house buying process so there is an added layer of complexity. It means getting every part right can be trickier, so using a broker is invaluable.

A broker with a great deal of experience in the area can guide you through the entire process. They’ll make it smoother, quicker, and ultimately, far more likely to be successful than if you were to do it on your own.

Our free, no-obligation broker matching service will connect you with the best Shared Ownership specialist for you. Call us on 0808 189 2301 or enquire with us today so we can put you in touch today.

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We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in Shared-Ownership Mortgages

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About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for Online Mortgage Advisor of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

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