Woolwich shared ownership mortgages help buyers climb on the property ladder.
Woolwich shared ownership mortgages are available to those of you who are unable to afford to buy a house on your own.
Shared ownership deals allow you buy a share of a property which is usually between 25 and 75 per cent, and a housing association then own the remaining share. You will then pay rent on the housing association's part, which is normally around 3 per cent of its shares value.
Woolwich shared ownership mortgages are aimed at helping those first time buyers wanting a home of their own, to climb on the property ladder. The Woolwich will loan a minimum of 25 per cent and a maximum of 85 per cent as an initial share available for purchase.
In addition to shared ownership deals, first buy direct and shared equity schemes are also available from the lender. All of the schemes are available on both new build and existing shared ownership properties, whether the properties are flats, houses or whether the properties are freehold or leasehold.
Stair-casing is also allowed by the Woolwich which means that you may purchase further shares in your property. A remortgaging option may also be available from the lender which can be used for either home improvements or stair-casing.
Woolwich shared ownership mortgages are an innovative product enabling more would-be owners to purchase property.
For independent mortgage advice and more details of this and other schemes contact Deal Direct today.
