Find out about shared ownership products with mortgage broker, Deal Direct.

Discover whether obtaining a shared ownership loan is for you with mortgage broker, Deal Direct.

Much has been made in the media about the challenges first time buyers face when it comes to purchasing a home.

The ONS and market analysts have published figures on contributing factors such as rising house prices, average salaries and how long it takes to save for a deposit.  Much has also been made of the ‘rental-trap’ with would-be home-owners finding themselves in a position of paying more in rent than the average mortgage repayment.

Do any solutions exist that help first-time buyers? The short answer is yes.

Both the government and lenders are aware that the market has changed. This has meant that first time buyers in particular need more support in their efforts to own their own home. One solution that may be a suitable consideration for you and your circumstances is shared ownership.

Shared ownership means that if you are not in a position to buy your desired property outright, you can buy it in stages from a registered housing association.

Cambridge Building Society is one such lender that has introduced mortgages for shared ownership into its range.

Their criteria includes up to 95% of the share of the property purchase being considered for a loan. Some lenders stipulate that 100% ‘staircasing’ should be included in the lease but this is not the case with Cambridge.

A 2 year discounted rate is available at 3.39% and a 2 year fixed rate is available at 3.59%.

To find out more about whether shared ownership can help you on to the housing ladder, call us here at Deal Direct.

Speak to an advisor today on 0800 048 8828.