By taking out a mortgage using the Help to Buy Shared Ownership Scheme, you can instead opt to buy a share in a property. Typically this percentage is between 25% and 75%, however, on some occasions, a mortgage lender may let you purchase as low as 10%. The remaining amount is paid back to your local authority as a rental charge.
If you are not quite able to afford the mortgage on 100% of a home, a Help to Buy in Coventry using Shared Ownership allows you the chance to buy a share of your home, rather than the full cost. At a later date, if you come into some further income, you may be able to increase your shares until you own the full amount.
As an expert, reputable mortgage broker in Coventry, we are able to provide our customers with mortgage advice in Coventry for a Help to Buy in Coventry, regardless of which scheme. Book a free mortgage appointment today and we’ll see how we are able to help. For more information, feel free to navigate across to our shared ownership page.