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Shared Ownership Mortgage Broker

How to find the right Shared Ownership Mortgage Broker for your needs and circumstances.

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Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: December 7, 2021

As property prices increase in many parts of the country, Shared Ownership schemes continue to grow in popularity. The scheme offers an exciting way to get a foot on the property ladder without worrying about saving up for the entire property deposit: buyers can purchase a percentage of the property, and the remaining property share can be paid for in rent.

As with all major financial decisions, getting a Shared Ownership scheme is best accomplished with the help of an expert.

Many brokers specialise in helping people find their way around Shared Ownership mortgages.

We’ll help you discover what their main role is, how they can help you, and what to keep in mind when considering working with one.

What does a Shared Ownership mortgage broker do?

A Shared Ownership mortgage broker specialises in helping people find financing for these particular types of properties and ensures the mortgage loan is the best possible match for the buyer.

They offer detailed understanding of the industry and the connections needed to find the right deal to suit your requirements.

Their expert advice provides you with the peace of mind, knowing you’ve got the right type of mortgage that will work out for you over the long-term. In addition to this, they can help with refinancing, upgrading, or making any needed changes to your Shared Ownership mortgage scheme later on down the line.

We work with brokers who understand the market and know how vital it is that you get the details of your Shared Ownership mortgage right the first time around.

Make an enquiry to get started – we can provide you with instant access to brokers who understand this area of financing. Our services are free and there’s no further obligation or impact on your credit rating.

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We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects.

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What are the benefits of working with a Shared Ownership mortgage broker?

There are many benefits to working with a Shared Ownership mortgage broker. A broker can help you find a provider with terms and conditions that match your specific needs.

This relationship could save you a lot of time and, potentially, a lot of money in the long run.

They’ll also already have established relationships in place with relevant third parties such as the companies which build and sell Shared Ownership properties, developers and housing associations.

Other industry contacts include the Help to Buy agents who play a part in administering the Shared Ownership scheme in a local area.

Mortgage brokers specialising in Shared Ownership have to pass a rigorous professional process that involves CeMAP qualifications and annual tests to ensure their knowledge is up to date.

They’re legally obliged to provide you with genuine expert advice to the best of their knowledge, so anyone who works with a vetted broker can rest assured they’re in good hands.

The mortgage advisors we work with can provide specialist advice for Shared Ownership mortgages and can offer in-depth knowledge in this area to help you make the right decision.

Give us a call on 0808 189 2301 or make an enquiry and we will arrange for an expert to get in touch.

What happens when I work with a Shared Ownership mortgage broker?

When working with a mortgage broker, you’ll need to supply a range of documents – such as your credit report and income statements.

The broker can use these documents to determine your mortgage eligibility, along with the kind of rates you may qualify for. This is similar to what your bank would do if you were to apply for a mortgage with them directly.

Based on this information, they’ll offer independent mortgage advice and guidance on which kind of Shared Ownership scheme may be best for you. For example, how much money you could or should realistically borrow, and the kind of terms that would work best for your unique circumstances.

Why choose a broker instead of arranging your own mortgage?

There are several benefits to working with a mortgage broker. Shared Ownership could be a great opportunity for you, but it’s not one that may be right for everyone.

An advisor can help you better understand what buying a Shared Ownership property entails so you can make a more informed decision.

You can save money

A lender will rarely inform you if a competitor has a better deal. But there’s the very real potential that a mortgage broker could save you thousands of pounds in the long run, by helping find the best deal for you.

You can save time

A mortgage advisor can save you a huge amount of time – research, filling loan applications and chasing things up by phone. You only need to provide your information once, and you have one point of contact for the entire process. Timely mortgage applications can stop chains falling through due to delays.

You’re more likely to get a mortgage offer

An advisor can look at your circumstances and have a better idea of which lenders and which products you’re most likely to qualify for – and actually get the loan to value LTV you want. This saves you the frustration of being declined for a mortgage, plus any potential blemishes on your credit that can follow from being rejected on multiple occasions.

You get expert advice and lasting peace of mind

An advisor will help to demystify the mortgage landscape, and through asking the right questions, can help you find out exactly what mortgage is right for you.

And, because their advice is regulated by the FCA, you know that you’re covered by the Financial Ombudsman if things don’t go as planned.

You get greater access than you would on your own

When you see the expression ‘whole of market’, you know that it’s an FCA regulated term that means that your broker really does cover the entire UK mortgage market, and will search far and wide on your behalf for the right deal. Many smaller and more specialist lenders operate exclusively through brokers. This means your advisor often has access to products that are only available via an intermediary. Your advisor can also let you know when new, relevant products come onto the market – keeping you abreast of the best options, as soon as they become available.

You get transparency and accountability

Brokers must operate by the highest standards – which are enforced by FCA and their professional association. Each and every fee is clearly disclosed, itemised and explained in full to you.

You get loyalty

Good Shared Ownership mortgage advisors have your best interests at heart. They understand that keeping you happy as a client will benefit you both in the long-term. As such, good brokers work hard to find you the best deal and, if they find a better deal later that could improve your circumstances, they’ll let you know about it. This is not something that a lender would do for you.

Which UK regions do Shared Ownership mortgage advisors cover?

The rules of Shared Ownership vary from country to country within the UK, so brokers have specialist knowledge of how the scheme works in various regions. For example, the rules of the LIFT scheme in Scotland (a Scottish altrnative to Shared Ownership) differ to those in England – so you’ll need a broker who understands all of the local nuances.

Can you find me a Shared Ownership broker in London?

There are some region-specific differences you should take note of if you’re looking for a Shared Ownership property in London.

For instance, you will only be eligible for the scene if your household income is less than £90,000, but these factors should not have a bearing on the broker you choose.

The best broker for your needs and circumstances won’t necessarily be based in London, even if that’s where you’re looking to buy.

We’ll match you with the advisor who’s best equipped to secure the best deal you qualify for – they might be based in the capital, but it’s just as likely they’ll be based elsewhere.

The key thing to remember is that a good mortgage broker is capable of arranging a deal from anywhere in the country, operating by phone, email and other channels.

When enquiring about a Shared Ownership advisor, you should ask for one with whole of market knowledge for the region or area you want to purchase a shared ownership property in.

How do mortgage brokers make their money?

Some brokers make their income in commission, typically as a small percentage of the mortgage loan you receive. Others charge a flat fee. By law, brokers are obliged to tell you exactly how they make money, and their fee structure on the deal in question – if at all in doubt, just ask.

We can introduce you to the best mortgage brokers for Shared Ownership deals

If you’re interested in a Shared Ownership scheme, price comparison websites might be a good starting point.

However, comparison websites are very limited when it comes to searching the entire market.

They also won’t show up any special or niche deals that are only accessible to brokers.

A website can’t provide you with a personal service and tailor-made advice about the pros and potential pitfalls of any deal you may be considering.

If you’d like to speak with an expert in Shared Ownership mortgages, someone who can walk you through the process step by step call Online Mortgage Advisor today on 0808 189 2301 or make an enquiry.

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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

Ask us a question and we'll get the best expert to help

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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 OMA of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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