Spellman Financial Services
Guide to shared ownership coventry
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Shared ownership coventry
Shared ownership can be a great way to get onto the property ladder.
And the good news is there are plenty of new developments offering Shared Ownership in Coventry.
There is a lot to consider before hand though and there may be better alternatives.
Check out the main pros and cons of Shared Ownership below.
Benefits of Shared Ownership in Coventry
Provides and alternative: Shared Ownership gives you the opportunity to get on the property ladder when you otherwise may not have been able to.
Low Deposit: Enables you to get on the property ladder with a lower deposit.
Increase in investment: If your property goes up in value, so does the share of your home and your investment.
Ability to Staircase: It can be relatively straight forward to increase the share that your own. Known as Staircasing.
Ability to buy bigger: Enables you to buy a share of a larger property you otherwise wouldn’t be able to afford outright.
Disadvantages to Shared Ownership and things to consider
Cost: You will have to pay rent on the part you don’t own, service charge and ground rent, as well as your Mortgage repayments.
Problems selling: You may struggle to sell, if or when the day comes. The demand for Shared Ownership might not be as high in your area when compared to others.
Negative equity: There is a risk of negative equity. If the value of your home falls, so will the share you own. If your Mortgage ends up being more than the value of your share, then you will have lost the money you put in.
Buying smaller maybe better: If you can afford to purchase a smaller property outright. This may be a better option than purchasing a small share of a larger property.
Why use ourselves?
Our Mortgage Advice is rated 5 stars by our customers on Google, VouchedFor, Facebook and Trustpilot.
We can provide face to face advice to customers in Coventry & Warwickshire. Or a telephony/video call service if you prefer, for Local or National Customers.
Luke Spellman, the Mortgage Broker you will speak to, has over 10 years experience in Financial Services. 5 of which has been spent working directly with Mortgages.
So for simply more information and for a non-obligatory free chat. Please contact us below.
Get in touch
Spellman Financial Services is a Mortgage Brokers in Coventry providing Mortgage advice to the people of Coventry & Warwickshire.
If you would like any individual advice or further information on any of the above or alternative Mortgage or Insurance Advice. Please do get in touch with us below of here.
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If you need Expert Mortgage Advice. Please complete the below contact form and we will get in touch within one working day.
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Address & Telephone
102 Stoney Road, Coventry, West Midlands, CV3 6HY
Monday-Friday: 08:00 – 20:00
Saturday: 08:00 – 14:00
Sunday: By appointment
Other times: can be arranged by appointment