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About The Mortgage

Shared Ownership Mortgages

For First Time Buyers & Previous Home Owners

We compare whole of market mortgage solutions to find the best Shared Ownership Mortgage for your personal circumstances

The Shared Ownership scheme for anyone who doesn’t currently own a home (so you may have previously owned one!) and earns less than £80,000.00 (£90,000 inside London) and have the savings to cover the 10% deposit of the share quantity they’re planning to purchase.

Shared Ownership Mortgages
Get the keys to your first home through shared ownership, even with bad credit.

Not all lenders are willing to offer a mortgage being taken out on a shared property, but with help from a trusted broker finding the best lender for you shouldn’t prove difficult.

At Amber Mortgage Solutions we have a highly skilled, highly qualified team of mortgage brokers, who can make your mortgage application a breeze. Getting a home needn’t be a headache! If you’re looking for a mortgage or simply some advice, we are here to help. Contact us today on 01702 619221.

If your looking for a Shared Ownership Mortgage but think you may have a bad credit history click here to find out more.

How We Work

  • To start with please either call us or complete the above application form.
  • One of our mortgage consultants will be in touch with you to discuss your application.
  • After we have your details, we will search the market for the best schemes to suit you.
  • We will then talk you through the details of your mortgage.
  • 100% Secure, Confidential and hassle free.

Shared Ownership Mortgages Explained

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So what is shared ownership? The shared ownership scheme allows people to buy a share in their home even if they cannot afford a mortgage on the entire value of the property.

The buyer purchases a share of the property – usually 25%, 50% or 75% – and the remaining balance is owned by a government-backed housing association or private investor. More often than not, the homeowner will then pay rent on this balance.

Ifyour circumstances change and you can now afford more, then you can increase your share in the property. For example, if you start out with a 25% share then you can increase this to 50%, 75% or with some schemes, this can be increased to 100%, giving you full ownership. As your share in the property increases, the rent you pay to the housing association will decrease accordingly.

People seeking a shared ownership mortgage also need to be aware that only properties offered by participating government-backed housing associations, typically new builds, can be purchased under the scheme.

Who Can Apply For a Shared Ownership Mortgage?

Moving Home Mortgages
Apply for a Shared Ownership Mortgage even with Bad Credit.

Those who can apply for a mortgage under the shared ownership scheme include:

  • First-time buyers
  • People who have an existing mortgage under the shared ownership scheme and wish to move property
  • People who have previously been homeowners, but do not own a property now and cannot currently afford to buy one
  • People who earn less than £80,000 per annum (£90,000 for those living in London)

Whilst the criteria for shared ownership is considered very flexible in terms of lending high loan to values, it is still important that you are able to demonstrate that you can afford your mortgage and rental payments, as well as put down the required deposit.

What are the advantages of Shared Ownership Mortgages?

The main advantage is the opportunity to get your foot on the property ladder for a reduced sum of money

It allows potential home buyers to purchase a smaller share in a property (i.e. 25%, 50%, 75%) rather than the 100% equity purchase usually required.

It also offers the opportunity to increase your equity share over time, giving you the chance to potentially fully own your home in the future.

There are a couple of factors to consider when entering a shared ownership mortgage. It is usually a good idea to initially purchase as much equity as you can, but you must bear in mind that you will pay rent on the percentage of the property you do not own. You should also remember that if you wish to increase your equity share in the future you will have to pay to have the home valued again, so if the value of the property has increased you will have to pay more than you did initially for the additional equity share.

Also, remember, you do not own the entire property through a shared ownership scheme. So one potential issue is that you may find it hard to rent out your property in the event of you wanting to move to a new property. Which means that if you are not capable of increasing your share to 100% you may be limiting your options to move home in the future.

Are you concerned about Bad Credit impacting your application for a shared ownership mortgage?

How To Get A Shared Ownership Mortgages With Bad Credit

When the government recognised the increasing difficulties for borrowers struggling to get a foot on the property ladder, they introduced the shared ownership scheme designed to give potential home owners a much-needed helping hand. 

If you’re on the lookout for a property of your own but are concerned that limited funds and a bad credit rating could stand in your way, speak to Amber Mortgage Solutions today. Our team of experienced bad credit brokers can help to find a shared ownership mortgage that’s right for you.

What credit issues are acceptable for mortgages:


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Mortgages can be arranged for people with poor credit in the following situations:

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Frequently Asked Questions

Bad Credit Shared Ownership Mortgage Solutions

Want a Shared Ownership Mortgage With Bad Credit? Find Out How

Worried about how your credit score may impact you chances of getting a Shared Ownership mortgage?

We understand that a history of Bad Credit can make finding a lender willing to provide a mortgage tricky.

However at Amber Mortgage Solutions we consider everyone. So regardless of your Bad Credit score, our specialist mortgage advisors can help you to find the best deals on the market and access an affordable Bad Credit Shared Ownership mortgage to suit your personal circumstances.

We have created the below frequently asked questions to answer those tricky questions.

For more information on securing a Shared Ownership mortgage with bad credit.

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Quick FAQs

Take a look at our extensive FAQ section

For the answers to some of our most commonly asked questions, below.

Do I have to pay Stamp Duty?

When you purchase a share of a property on a shared ownership scheme then you may be required to pay Stamp Duty. Stamp Duty Land Tax is required to be paid on purchased properties over a set amount – currently over £125,000 – in England and Northern Ireland. This can be done either as a one-off payment based on the total market value of the property or you can choose to pay Stamp Duty in stages. If you do decide to pay in stages, you will only be required to make one payment towards this at the time of the first purchase, and then no further payments will need to be made until you own 80% share or more of the property.

What type of property can I purchase?

With the shared ownership scheme you’re able to purchase properties owned by a government-backed, qualifying body. Generally this can mean housing association and local authority homes. Shared ownership homes are also always leasehold.

What is the minimum and maximum share I can purchase?

The minimum share of a property that you can purchase on a shared ownership scheme is 25%. The maximum share that you can purchase is 75%. If you want to own more than this, then the next step would be to purchase the property outright.

Can I purchase more shares at a later date?

Once you have purchased the minimum 25% share of a property, you can go on to purchase more shares in the property up to a maximum of 75% - this is called ‘staircasing.’ It is worth remembering that when purchasing more shares in a property, the cost will always be based on the property’s current valuation. So this may cost more or less than what you initially paid for your original share, depending on whether the property’s value has increased or decreased.

How is the amount of rent to be paid calculated?

The amount of rent you pay will be calculated depending on the individual housing association or local authority you buy with, based on the percentage of the kept equity – usually 3%. Consider this simple example - if you purchased a 50% share of a £200,000 property then the kept equity would be £100,000, the amount on which you would be paying rent. Based on a standard rent calculation of 3%, this would make the cost of annual rent £3,000.

What happens if I sell the property?

If you decide to sell your share of a shared ownership property, then you will be subject to certain restrictions. Firstly, the co-owners or local authority or housing association, would have the right to buy your share directly. If not, they may have the right to find a buyer themselves. Once the property has been valued, a contract of sale has to be signed and a solicitor found to oversee what is known as the ‘nomination period’, a two month time frame in which the local authority or housing association can try to find a buyer for your share of the property. If the property is successfully sold during this period, then you will receive all information before the sale proceeds. However, if your co-owner is unable to find a buyer within the nomination period, then you are free to attempt to sell the property yourself either privately or with the help of an estate agent. If no buyer is found, you may then be giving the option to buy out the shares of the property yourself, then go on to sell the entire property as its full owner. This type of purchase and sale can be referred to as ‘simultaneous staircasing’.

Where do I start?

Contact us today! Our friendly advisors will be happy to talk you through the next steps available to you and help you on your way to obtaining the mortgage you need. We’re here to help you, not judge you, so call us on 01702 619 221.

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