It's Free to Speak to an Advisor, 7 days, 8am - 10pm
It's Free to Speak to an Advisor, 7 days, 8am - 10pm
Shared ownership in Bristol offers a practical route for first-time buyers and those looking to move home without needing a mortgage for the entire property value.
This government-backed scheme lets you buy a share of your home, typically ranging from 25% to 75%, although it can sometimes be as low as 10%.
You then pay rent on the remaining share, usually to a housing association or property developer in Bristol that retains ownership of the rest.
One of the key benefits of shared ownership is the ability to gradually increase your stake in the property through a process called staircasing.
This allows you to buy additional shares over time, eventually giving you the option to own your home outright.
Staircasing isn’t mandatory, and its impact on your mortgage will vary depending on market conditions and your property’s value.
For those considering staircasing, a further advance could be an option, and a mortgage advisor in Bristol can guide you through how this works.
If you’re thinking about taking out a shared ownership mortgage in Bristol, there are some key eligibility criteria to keep in mind.
Firstly, you must be over 18 years old. Your household income cannot exceed £80,000 annually, and you must demonstrate that you can’t afford to buy the property outright, either through a full deposit or by covering the mortgage payments on the entire value.
Typically, you’ll need a 5% deposit on the share you intend to purchase, rather than on the full property value. This makes the scheme particularly accessible for those who might otherwise struggle to meet traditional deposit requirements.
You may qualify for shared ownership in Bristol if you are a first-time buyer, a previous homeowner unable to afford a new property, forming a new household, currently own a shared ownership home but wish to move, or are an existing homeowner who can’t afford to buy a suitable new home.
When you speak with a mortgage broker in Bristol, they’ll help you review the criteria to see if shared ownership is the right choice or if another scheme might better suit your needs – all during a free mortgage appointment.
For current homeowners in Bristol looking at shared ownership, you’ll need to have your existing property under offer, known as ‘sold subject to contract’ (STC), with a memorandum of sale that confirms the agreed sale price and intention to sell.
The sale of your current property must be completed before you can finalise your shared ownership purchase.
Shared ownership in Bristol is also available for those over 55, with many mortgage options catering specifically to older buyers.
This scheme can also be a valuable option for individuals with long-term disabilities who need accessible housing, such as a ground floor property.
Additionally, current and former members of the armed forces may receive priority access to shared ownership homes in Bristol, depending on their service role.
Our Customers Love Us
5.00 Rating5 Reviews
Adam
Worth their weight in gold. Helped navigate a complex mortgage enquiry, we would have fallen at the first hurdle if we were applying on our own. Excellent response times and always kept us informed. Was on the fence about going with a broker at all...
1 year ago
James
Malcolm and his team are so helpful, from the first call I had to discuss options all the way to getting my mortgage offer today. Any query I've had they answered immediately and offered to talk through my options, my case worker Lizzi was...
1 year ago
Jessica
Very responsive even in late evenings! Answered all of the questions that I had, explained the whole process through out and made the house buying process so much easier!
2 years ago
Anonymous
Helen was lovely to chat with, she booked me in for an appointment with a broker within minutes of me sending an email enquiry on a Sunday and explained everything about the process really well.
2 years ago
Eamonn
Spoke to several Mortgage Brokers about my situation and having talked to Malcolm, he fully understood my views and gave me his honest opinion. A very professional, friendly, and efficient service that enabled us to the best mortgage on the market.
4 years ago
The exact share you can buy with shared ownership in Bristol depends on what you can afford and the terms set by the housing association or property developer.
Generally, you’ll be able to purchase between 25% and 75% of the property’s value, although in some cases, buying as little as 10% may be possible.
You won’t need the full amount upfront for your share—instead, you’ll need a 5% deposit based on the portion you’re buying.
For instance, if you’re purchasing a 50% share of a £100,000 property in Bristol, your deposit would be 5% of £50,000, which comes to £2,500.
You’ll usually have the option to buy more shares later on, known as staircasing, and this should be detailed in your agreement.
If this isn’t covered in your terms, getting a shared ownership mortgage might be a bit more complex, but a mortgage advisor in Bristol can help you explore your options.
Shared ownership in Bristol means you share ownership of your home with a housing association or developer. You’ll have a mortgage on the portion you buy, while the other party owns the rest.
You can still take out a shared ownership mortgage jointly with someone else, like a friend or partner, in Bristol. There are no restrictions preventing joint ownership under this scheme.
Selling a shared ownership home in Bristol can be a bit different from a full ownership property. Typically, you need to own 100% of your home to sell it outright.
If you haven’t staircased to 100%, you’ll need to notify your housing association or developer in Bristol that you wish to sell.
They usually have the first right to buy your share back or find another buyer. If they don’t act within the specified timeframe, you may then list your property on the open market.
Your lease type might also impact your ability to sell; for example, some properties in designated protected areas require the landlord to buy back your share.
If you decide to sell on your own, the process involves getting a property valuation, securing an EPC (Energy Performance Certificate), taking photos of the property, finding a buyer, and completing the sale.
In addition to your mortgage payments on the share you own and rent on the remaining share, shared ownership in Bristol may come with other costs like service charges, maintenance fees, and possibly ground rent.
These costs depend on the terms set by your landlord when you first purchase the property.
Service charges can vary annually and may increase or decrease based on factors such as cleaning, maintenance, or gardening services.
Your housing association can provide audited accounts to clarify any changes ahead of time.
You’ll also need to budget for regular utility bills, contents insurance, council tax, and possibly solicitor fees.
For advice on Stamp Duty Land Tax as a first-time buyer in Bristol using shared ownership, it’s best to speak to a qualified advisor or check the Share to Buy website.
As a part-owner under shared ownership in Bristol, you may be able to make home improvements, but you’ll typically need permission from your landlord before making significant changes.
Keep in mind that renovations could increase your property’s value, which might impact your mortgage costs if you decide to buy more shares later on.
A mortgage advisor in Bristol can explain how this works in more detail during a free appointment.
Whether it’s your mortgage, rent, or service charges, it’s crucial to contact your mortgage lender and landlord as soon as you foresee any payment difficulties.
They may be able to offer solutions such as a payment plan or provide financial advice. If payments continue to be missed, there’s a risk of repossession.
Both parties would generally prefer to find a workable solution rather than proceed with repossession, as it saves time and costs for everyone involved.
Yes, you can remortgage a shared ownership property in Bristol, though it can be more complex due to the nature of shared ownership.
You might remortgage to get a better interest rate on the share you own, or to purchase additional shares. Equity release could also be an option.
It’s highly recommended to speak with a mortgage broker in Bristol to navigate this process.
Repairs and maintenance for your shared ownership home in Bristol are typically your responsibility, but it’s best to check your lease or speak with your landlord for specifics.
You might also contribute to communal area maintenance through service charges, which can fluctuate annually based on the landlord’s adjustments.
You usually have the right to extend the lease on your shared ownership property in Bristol.
The cost of extending a lease can vary, and it’s often cheaper to do this before the remaining term drops below 80 years.
It is possible to get a shared ownership mortgage in Bristol even if you have bad credit, although you might need a larger deposit and could face higher interest rates.
Shared ownership is designed to be an affordable option, so you might consider buying a smaller share or using a gifted deposit to help cover the upfront costs.
When considering shared ownership in Bristol, your mortgage advisor will thoroughly evaluate your income and expenses to determine your eligibility and assess how much you can comfortably afford. This personalised approach ensures that you understand your financial position and helps you make an informed decision about your shared ownership journey.
Our dedicated team will explore a wide range of mortgage products to find the option that best suits your needs. With access to numerous lenders and exclusive deals, we aim to secure the most suitable mortgage for your circumstances, whether you’re a first-time buyer or looking to move up the property ladder in Bristol.
Once your offer on a property in Bristol is accepted, we’ll handle the submission of your complete mortgage application along with all the necessary supporting documents to the lender. Our team will guide you through this process, ensuring that everything is in order to keep things moving smoothly.
Our service goes beyond just finding the best mortgage deal for you in Bristol. We also offer advice on insurance policies to help protect you and your loved ones, providing peace of mind as you settle into your new home. From life insurance to critical illness cover, we’ll recommend suitable options tailored to your needs.
Our mortgage advisors in Bristol are highly experienced in helping home buyers and homeowners navigate the property market through shared ownership. Whether you’re stepping onto the property ladder for the first time or looking to move, we’re here to make the process as straightforward and stress-free as possible.
We take great pride in the quality of service we provide to both new and returning customers in Bristol. Customer satisfaction is always our top priority, and you can see this reflected in our genuine customer reviews. We’re committed to supporting you every step of the way on your home-buying journey.
With our easy-to-use booking service, you can schedule appointments at a time that fits your lifestyle, subject to availability. Our Bristol mortgage advisors are available from morning until late, seven days a week, including weekends, so you can get the advice you need when it works best for you.
We work with a broad panel of high street and specialist lenders, giving us the flexibility to tailor our service to your unique circumstances. This extensive network allows us to find the most suitable mortgage deals available, ensuring that you have the best options at your fingertips.
If you live in Bristol and are a first-time buyer or key worker, such as a teacher or nurse, you might find properties nearby that are part of the First Homes scheme.
This initiative offers significant discounts on some newly built homes, starting at 30% and potentially reaching up to 50%.
The idea is to provide affordable housing with a permanent discount, ensuring that when you sell, the property remains accessible to the next buyer.
The availability of homes under this scheme is limited and depends on your location, so options can vary.
A Lifetime ISA is a savings account available to individuals aged 18-39, designed to help you save for your first home or retirement.
You can contribute up to £4,000 a year, and the government adds a 25% bonus, giving you up to £1,000 extra annually. This can be used towards buying a home valued up to £450,000 (as of 2024).
The account must be open for at least 12 months before you use it for a property purchase, and early withdrawals for other purposes may incur penalties.
It’s a great way to boost your savings and take advantage of government support to get onto the property ladder in Bristol.
Purchasing a property through the Right to Buy scheme in Bristol is another excellent way to transition from renting to owning, often at a discounted price.
Discounts vary based on how long you’ve been a tenant, making it an attractive option for those renting from a council or housing association.
One of the key benefits is that the discount can cover most, if not all, of your deposit, reducing the initial costs of homeownership.
Be aware that if you sell your property within the first five years of owning it, you may need to repay some or all of the discount.
If you’re a first-time buyer in Bristol struggling to save a large deposit but can manage the monthly mortgage payments, a 95% mortgage might be a good fit for you.
With this option, you only need to save or be gifted a 5% deposit of the property’s value.
These types of mortgages are often promoted by the government to make homeownership more attainable for first-time buyers in Bristol and across the UK.
A joint borrower, sole proprietor mortgage allows you to buy a home in Bristol with the financial support of a family member or friend.
They can be named on the mortgage without being on the property’s deeds, helping you qualify for a larger loan by including their income in affordability checks.
Since the supporting borrower isn’t on the deeds, Stamp Duty Land Tax is treated as though you were a sole first-time buyer.
It’s a good idea to speak with a tax advisor to fully understand the implications.
Read our 5 Reviews
Bristolmoneyman.com & Bristolmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
Contact
Follow Us
Bristolmoneyman.com & Bristolmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
Speak to an Advisor – It’s free!
7 Days a Week, 8am – 10pm
