Some lenders will allow applications from up to four people on one mortgage. They’ll consider the highest two incomes when working out how much you could borrow.
There are many factors you’ll need to consider, so it’s worth speaking to a conveyancer. They can advise and draw up legal documents for you.
Shared ownership schemes are usually offered by registered social landlords or local authorities. With this type of purchase, you buy a share of the property and pay a reduced rent for the rest to the registered social landlord or the local authority.
This can take various forms. Usually you own 100% of the property but pay a reduced amount to the builder (e.g. 75% of the property value). The builder then owns a 25% stake in the property and registers this interest in your property at the Land Registry.
For more information about shared ownership and equity, why not visit www.direct.gov.uk
A fee of £95 is payable for your initial consultation with a further fee of up to £195 on completion. This is dependant on the work required to secure your mortgage. Commercial mortgages and some buy to let mortgages are not regulated by the FCA.
Mortgages Made Easy, based in Leicestershire can also give you financial support if you are moving home