Heard of Co-Ownership but not sure what it’s all about?
For free initial mortgage advice arrange a Mortgage Planning Consultation at a Time That Suits You
Are you currently renting your home because you think you can’t borrow enough to buy? Co-Ownership could be the solution for you! At The Mortgage Clinic we aim to look at the various options available to our customers, based on their personal circumstances, answering questions and helping them find a suitable home, within their budget. Our Free Initial Mortgage Planning Consultation does just that!
We DO NOT charge a fee for our initial advice!
Co-Ownership can appear a complicated process but we can make it more simple, and clear. Simply put … you buy part of the property (50% – 90% of the market value) and pay rent on the remainder. As time passes and your financial circumstances improve you can buy further shares in your home until you finally own it outright. You will need a mortgage to finance the part of the property you purchase. Not all lenders will lend in line with Co-Ownership but at The Mortgage Clinic we can guide you on finding the right lender, and the best deal.
Before you even start viewing or bidding on any property you should speak to us – you need to know how much you can borrow and how much it will cost each month. Our free initial planning consultation will also help you to set your budget, saving you time on viewing houses that are perhaps outside of your price bracket. We can tell you how much you can borrow, what costs and fees to expect and how much of a deposit you will need.
No need for you to check all the banks and building societies yourself – we can do this for you, all under one roof! Because we work with all the major UK lenders, as well as the local ones, you can be sure of independent advice, best suited to your needs. Each lender has their own lending criteria but our expert knowledge will make sure we find a solution that is matched to your own specific circumstances.
We will review your credit report which is the first hurdle to get through when you’re borrowing money of any description – whether it’s a mortgage, credit card or personal loan.
We will help you with completing the necessary paperwork for both your mortgage application and your Co-Ownership application.
You will leave the Planning Consultation knowing how much you can borrow, how much it is likely to cost and what documents you need to start gathering together – ready to find your dream home!
And then what happens?
- You view the properties you’re interested in, within the budget we have agreed
- When you find your favourite, register a bid
- Have a bid accepted and get your property ‘sale agreed’
- We check again for the best mortgage deal that’s right for your circumstances
- We complete your Co-Ownership application and mortgage application
- Property valuation is carried out by Co-Ownership and the chosen mortgage lender
- The Co-Ownership issues their decision letter
- Lender issues a mortgage offer
- In the meantime your solicitor will have been working in the background making the necessary checks etc
- Completion date agreed
- Collect your keys and get ready to move into your new home
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.