Shared Ownership is an affordable home ownership scheme which makes it easier for eligible buyers to get on the property ladder.
Your clients, if eligible for the scheme, would buy a share of a home (between 25% and 75%), meaning they require a smaller deposit and mortgage, and pay rent on the share they don't own. In time, the buyer may have the option to purchase additional shares, up to full ownership. This is known as staircasing.
Available for both purchases and remortgages, if you have a client looking for a more affordable way to purchase a property then shared ownership could be an ideal solution, if they are eligible for the scheme.
Top tip – when submitting Shared Ownership applications please be sure to specify the loan type as Shared Ownership and not as a Standard Purchase to ensure your application is progressed as quickly as possible.
We pride ourselves on our 5 star level service* and our human touch approach. Our underwriting decisions are made by people, not computers and we offer a dedicated support and underwriting team - with direct access to them when needed.
We also offer:
- Up to 85% LTV available on Shared Ownership Mortgages for New Build houses and flats
- An increased procuration fee of 0.45% for all new Shared Ownership business, as we recognise the extra work required when submitting these applications.
*2018 Financial Adviser Service Awards.
Key Policy
- No charge for mortgage valuations where the the property is worth less than £1.5 million which is instructed on day one.
- Accept 100% of maintenance received and tax benefits as income.
- Accept up to 20% site exposure in any development.
- Shared Ownership remortgage products available, including free standard legal fees, or other products available with cashback following completion.
- Staircasing up to 100% ownership must be permitted.
- Available across the whole of England only.
- Priority underwriting for New Build purchases.
- Housing Association consent required.
- Max term 35 years
Full details of the policy can be found in our Policy Document.
View our Product RangeKey Information
Packaging requirements are normal - except for the addition of Memorandum of sale.
Yes you can, it will be based on your client's share of the property and you will need to input the rent payable on the unowned share as an outgoing expense.
Yes, we've made changes to our systems to allow you to do so. Simply select Shared Ownership from the 'loan type' drop down box.
No - although most Shared Ownership mortgages do tend to be for New Build properties, they can be bought on the second hand market.
If you'd like to share your feedback with us, please email sharedownership@skipton.co.uk