What information will I need to secure a mortgage

15 March, 2014

Typically you will need the following documents to secure a mortgage: Your payslips for the last 3 months. (Please bring 3 months’ worth even if you are paid weekly) or If you are self-employed, your audited accounts for the last two years from a certified or chartered accountant or the last 2 years tax assessments… Read more »

---

I am on a visa can I purchase a shared ownership property?

15 March, 2014

Yes. However you will need a larger deposit. The length of time left on your visa will be critical to lenders agreeing a mortgage.

---

Can I arrange an interest only mortgage for a shared ownership purchase?

15 March, 2014

No. Any mortgage for shared ownership must be arranged on a capital repayment basis. The Housing association will review the mortgage offer to confirm the terms are acceptable to them.

---

Can I arrange a sharia mortgage for a shared ownership purchase?

15 March, 2014

No. At present Sharia mortgages are not compatible with shared ownership.

---

Can I purchase additional shares?

15 March, 2014

Yes. Through a process called staircasing. This allows shared owners to increase their stake in the property. The minimum a person can staircase by is 10%. Censeo can assist you finance the purchase of additional shares in your home.

---

I have current credit problems can I purchase Shared Ownership?

15 March, 2014

No. In addition if you have suffered any defaults, CCJs or Bankruptcy’s within the last 3 years it is unlikely we will be assist you in obtaining a mortgage

---

Can I consolidate debts into a shared ownership mortgage?

15 March, 2014

No. Borrowing against your share for debt consolidation is not allowed under the terms of the scheme.

---

Once I take a mortgage can I switch mortgage provider (Remortgage)

15 March, 2014

Yes, there are lenders that accept remortgages on Shared Ownership terms. Censeo will be able to assist with this.

---

Does every lender support Shared Ownership?

15 March, 2014

No. Shared ownership is specialist lending which is why your Housing Provider will recommend you speak to an expert such as Censeo to arrange your mortgage finance.

---

Will I need a deposit?

15 March, 2014

Yes.  You will need a deposit of at least 5% of the share value you are purchasing. In addition we would recommend a further £3,000-£3,500 for associated costs such as legal fees and mortgage fees.

---