Shared Ownership Mortgages For Contractors
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What is Shared Ownership?
Shared Ownership is where you buy part of a home and pay rent on the part you don’t own to a landlord.
Your initial share will typically be between 25% and 75%, though usually you can buy more later.
Who qualifies for Shared Ownership?
You can buy a home through Shared Ownership if both of the following are true:
- your household income is £80,000 a year or less (£90,000 a year or less in London)
- you cannot afford all the deposit and mortgage payments for a home that meets your needs
Can I get a Shared Ownership mortgage as a contractor?
Yes, contractors can get a Shared Ownership mortgage.
In addition to meeting the criteria for Shared Ownership, you’ll also have to meet eligibility and affordability criteria with a lender offering this type of mortgage.
How will my income be assessed for a mortgage?
Different lenders have different ways of calculating your income. In some instances, it depends on how you get paid and how much you earn.
Some lenders will calculate your yearly income based on how much you charge per day for work. They usually assume you work five days a week, for forty-six weeks a year; this allows for some time off for holidays and breaks.
Others might look at your earnings over the past few years by checking your self-assessment tax documents.
Then there are lenders who might just look at your payslips or invoices.
Speak to an experienced mortgage advisor, like us. We know the ins and outs of lenders’ criteria, and can help find the one that’s right for you.
How much can I borrow on a Shared Ownership mortgage as a contractor?
That also varies from lender to lender.
In addition to looking at your income, they’ll also look at any credit commitments you have, such as credit cards, loans, and vehicle finance. Having dependant children or paying maintenance will have an impact, too.
When you’re looking to buy a Shared Ownership property, lenders also have to factor in the rent and the service charge. The developer or estate agent you’re buying off should be able to tell you what these costs are.
Why The Mortgage Store Chorley?
Exclusive rates you won’t get directly from lenders
A dedicated point of contact from initial enquiry right through to completion and beyond
Appointments seven days a week, to best suit your schedule
Ongoing rate monitoring until completion as standard
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What kinds of properties are available?
Both houses and flats can be bought using Shared Ownership.
However, properties need to be advertised as being on the scheme; you can’t use Shared Ownership on just any property.
Find Shared Ownership properties on the Share to Buy website.
What deposit is needed?
Mortgages are available with as little as 5% deposit. That’s 5% of the price of the share you’re buying, not of the full value of the property.
The exact level of deposit needed will depend on your circumstances. You might need a bigger deposit if you have bad credit, for example.
The more you can put down as a deposit, the better.
How can The Mortgage Store Chorley help with Shared Ownership for contractors?
Looking to step into Shared Ownership but feeling uncertain due to your contractor status?
At The Mortgage Store Chorley, we know how to navigate the complexities of Shared Ownership mortgages for contractors. Our expert advisor understands the unique challenges you face and can tailor solutions to match your specific circumstances. With our deep industry knowledge and personalised approach, we’ll guide you through the process, ensuring you secure the right mortgage deal to make your Shared Ownership dream a reality.
Let us simplify your journey to homeownership – contact us today to explore your options! Although we’re based in Lancashire, we’re happy to help no matter where you are in the UK, with phone and video appointments available.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
