The Pro's and Con's of Shared Ownership Properties – First Time Buyer Secrets

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First Time Buyer Secrets – Watch this BEFORE you look for Shared Ownership Properties.

Shared Ownership Properties can be an excellent alternative if you can’t yet get onto the property ladder the traditional way. However there are advanatges and disadvantages.

In this video I provide the pro’s and con’s of Shared Ownership purchases and a “Must Know” list you can download and check when buying your shared ownership property and obtaining your shared ownership mortgage. You MUST check with the housing association – Do not get into a shared ownership deal until you know everything within the terms and conditions.

**** Show Notes, and Resources ****

DOWNLOAD “MUST KNOW” SHARED OWNERSHIP CHECKLIST”

http://mortgagechain.co.uk/wp-content/uploads/2019/07/Shared-Ownership-Must-Known-List.pdf

Make sure you know:

• Monthly rent
• Ground rent
• Service charges
• Can you Stair case ?
• Do they work with all mortgage lenders ?
• New build have different mortgage rules to traditional properties, does your lender allow shared ownership ?
• Obtain a MOS (Memorandum of sale) after purchase and the shared ownership documents
• Double check the mortgage lenders criteria as flats can require more of a deposit than houses

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Free Credit File Check. Check your credit score from the outset! Use checkmyfile as they provide reports of all three credit file agencies the mortgage lenders use to credit score you, on one file (Experian, Equifax and Transunion)

checkmyfile offer a 30-day free trial which is then £14.99 a month thereafter and can be cancelled at any time.

Check my free credit score now:
https://www.checkmyfile.com/credit-report.htm?ref=alexkerr&cbap=1

For a free credit score check: email your checkmyfile credit file to: freecreditfilecheck@mortgagechain.co.uk

DISCLAIMER: This video and description contains affiliate links via the above checkmyfile link, which means that if you click on one of the product links and purchase the product, I’ll receive a small commission. This helps support the channel and allows us to continue to make videos like this. Thank you for the support!

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Quick affordability calculation

Income (single or joint) – liabilities x 4.5 = mortgage amount

Example. 50,000 (joint income) – 2,400 (£200 per month loan payment x 12) x 4.5 = £214,200

*Liabilities – When calculating liabilities use 5% of total credit card balances
X 12 – (minus) Loan/HP monthly payments X 12

Ignore loans with less than 6 months to run

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**** About This Video **** In this video Alex Kerr from Mortgage Chain, who specialises in mortgages for first time buyers and business owners discusses critical checks First Time Buyers MUST check before obtaining their shared ownership mortgage.

Enquiry:

Book a 10 minute mortgage chat with Alex:
(No charge)
https://outlook.office365.com/owa/calendar/MortgageChainLtd@mortgagechain.co.uk/bookings/

Contact: 03333 44 68 69

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⚡QUESTION OF THE DAY: Are you considering a shared ownership mortgage ? Let me know! ????????????

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

#FirstTimeBuyerUK #sharedownership #alexkerrmortgage

Home Buyers Survey Money Saving Expert, The Pro's and Con's of Shared Ownership Properties – First Time Buyer Secrets.

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