⚡QUESTION OF THE DAY: Are you considering a shared ownership mortgage ? Let me know! 👇👇👇

@amitkaushik5841

4 жыл бұрын

Hi, thank you for the video and information. My question: Is shared ownership better than help to buy scheme since it helps to give you 20% interest-free for 5 years. FYI: I am considering a new 3-bed build property to buy (£170k) with its maximum (75%) ownership. However, on the other side, I have little better features (area, toilets) achievable from £195,k. I can go for either of them but help to buy would allow me to be rent-free or interest-free for 5 years. I would be thankful if you could advise on this matter. Cheers!

@lamastolu

3 жыл бұрын

Yes I am

@alexkerrmortgage

3 жыл бұрын

LAMAS TOLU excellent! Have you found a property or at early stages ?

@lamastolu

3 жыл бұрын

Early stage Im looking for property outside london (like 45min drive to London)

@alexkerrmortgage

3 жыл бұрын

LAMAS TOLU this is a good place to start www.sharetobuy.com/

Was the only way me and my wife could get on the ladder and I’m so pleased we did. We now own 100% of our property

Seriously thank you. Made it more clear in my head about shared ownership

The information you provide is by far the clearest and most straight forward I have found on KZread - keep it up!

@alexkerrmortgage

2 жыл бұрын

Thank you, plenty more videos on the channel for you and thanks for watching!

Thanks for sharing this. Never would have thought to ask some of these questions. I'm living in Scotland and looking to buy a property with the help of the Scottish government First Home Fund scheme, my main reason is that it reduces the monthly outgoings and so with savings built over time i can buy out the share owned by the government. I haven't read much things on the scheme that would ring any alarm bells but am hoping to get something in a decent school district.

Great video Alex, thankyou for clarifying as reading through pages and pages of info is mind boggling. You're very approachable and easy to listen to, thank you, I have subscribed!!!👍👍

@alexkerrmortgage

3 жыл бұрын

My pleasure! I appreciate that, thank you!

Thank you so much for this video. Today I started to look at shared ownserhip again & found my ideal property in my ideal location, so I made an enquiry but I know there's so much more involved. So, I will watch this again & take notes & download the attached. Thank you Alex!

@alexkerrmortgage

3 жыл бұрын

Thanks very much! Good luck, if you are going it alone! We are here if you need us, just get in touch. Good luck what ever direction you decide!

You are so kind and nice to people here. I can't afford to buy yet, but I will subscribe because I am impressed with how sweet you are with random people trying to get some free advice 😅

@alexkerrmortgage

3 жыл бұрын

Thank you so much! I'm glad you are getting value, and thanks so much for your kind words it really is very nice of you and means a lot!

*YOU Sir.....are one of THREE most helpful. I love how you "speak/explain" in plain simplified English & not housing jargon lol* *I do have many questions though.....*

@alexkerrmortgage

3 жыл бұрын

Thank you for your kind words! And fire away with your questions ?!

Thank you Alex for helping first-time buyers. It makes a bit more sense now

@alexkerrmortgage

3 жыл бұрын

Anytime. Any questions let me know. Alex

Awesome video Alex. Very handy!

Im Canadian living in the UK for 10yrs now looking to get on the ladder with my partner. She brought this option up and this video makes me understand what this scheme is all about. Thank you so much!

@craigr306

3 жыл бұрын

go back there is nothing in this country but rain and its snows over there (this is meant with good intentions )

Great information. Thanks Alex !

Very informative tips. Thanks for sharing.

I've found this very informative, thank you very much.

My local area is undergoing a regeneration project and is expecting 100s of homes in the coming years. I saw shared ownership was going to be an option but had a misunderstanding of what it meant. Your video was so helpful - I feel more confident now.

@alexkerrmortgage

3 жыл бұрын

That is awesome!

Brilliant video I am currently studying my CeMap at the moment so this is helpful for revision purposes! These are some other disadvantages that came to mind: • the property can be harder to sell the later down the line • stair casing can be costly and can involve payment legal fees and other costs each time • a lot of housing associations only allow you to buy them out 10% at a time when staircasing!

@alexkerrmortgage

4 жыл бұрын

Thanks Ella! Some really great points there you make and great you are studying CeMAP. Thankfully the government will be reforming the model and making changes such as being able to purchase shares in 1% increments, which will be great for first time buyers! Government link here with more info - www.gov.uk/government/news/changes-to-shared-ownership-to-help-more-people-get-on-the-property-ladder#:~:text=The%20government%20will%20review%20a,to%20buy%20in%201%25%20increments.&text=People%20use%20shared%20ownership%20to,subsidised%20rent%20on%20the%20rest.

Thanks for the vid. Informative intro vid for me in the subject of shared ownership.

@alexkerrmortgage

4 жыл бұрын

No worries and thanks for your message Poe Gerard! We have also released a more recent video which in the notes includes a link to the new government changes coming into effect which will make shared ownership much better! Video here - kzread.info/dash/bejne/kaV3tJigdq2siJc.html

Man thanks for your content 👍

I like the calm way you explain everything! Thank you!!

@alexkerrmortgage

4 жыл бұрын

Anisa Trs Thank you!

@jamesbeerobin8528

3 жыл бұрын

Hello dear, how are you doing today. I like to be your friend if you don't mind. Please do not be mad at me ok. I was checking your profile picture so I see you and like you

I know this sounds cliche but thank you for giving me this advice. Given the impact it can have, it is not a light topic. Thank you

@elecrticgamer

3 жыл бұрын

I second that I'm 21 years old moving out and I feel so lost on these subjects

@megan1445

2 жыл бұрын

@@elecrticgamer I third that

@megan1445

2 жыл бұрын

@@elecrticgamer To be 21/22 and thinking of this is just fantastic tho. Keep it up!

Good information, thank you.

Thanks for the information given it sounds better for shared ownership

@alexkerrmortgage

3 жыл бұрын

Thank you for watching! I will have an updated version out soon, as a few things have changed.

Thank you for this

thank you first step to buy property

Thank you this was very helpful..

@alexkerrmortgage

3 жыл бұрын

Glad it was helpful!

Thanks for the info

Another massive thing to consider are premiums which can take you overall upfront costs so much higher

@alexkerrmortgage

4 жыл бұрын

Thanks Simon.

very well said sir very clear

Thanks for Sharing, very informative! I have a question regarding stair-casing, why do you need to buy more shares when the rent/mortgage ought to go towards the ownership?

@alexkerrmortgage

4 жыл бұрын

Hi Oselzore, thank you for your question. With shared ownership you part own the property. Your payments go towards reducing your mortgage balance and the percentage you do not own, you rent that part of the property from the housing association. So for example if you owned 50%, you would pay a rent for the remaining percentage. So shared ownership is seen as better than renting, as with renting you own 0%. Does that make it clearer ? Alex

Ground rent is usually payable when you own 100% of the property unless stated by the Housing Association of their properties. Shared ownership is a massive help for first time buyers getting onto the property ladder for the first time

@alexkerrmortgage

3 жыл бұрын

Thanks for sharing that with us, appreciate you watching and the comment!

@karjuntsang6365

3 жыл бұрын

@@alexkerrmortgage just like to share my experience and knowledge and help😊🙌

Just a correction. We purchased a property on the OPEN market. But the Housing Ass had to vet the property. 1 condition was it had to be newish...Second I stair-cased from 50%-100% with no fees......yep no fees. It was a promotion. Maybe they wanted to reduce their commitment.

New subscriber here! Thanks Alex this was brill :)

@alexkerrmortgage

Жыл бұрын

Welcome and thank you very much for subscribing Mya, sorry for the late reply, it's been a mad few months!

Really helpful pal 👍

@alexkerrmortgage

2 жыл бұрын

Thanks for watching!

Great video, very helpful, thank you so much!

Hi and thank you for your useful videos. I'm thinking about doing shared ownership , but wanted to know is there a way of roughly calculating how much my mortgage, rent and service charge will be?

@alexkerrmortgage

4 жыл бұрын

Hi Kuomi! Please see this video on this subject :-) kzread.info/dash/bejne/pJV82JixnrKenKg.html

Hi there. Thank you very much for this video is very informative. Couple of questions if you have the time to answer: 1. Who is responsible for maintenance in the flat? For both appliances and the flat itself (e.g. flooring, windows, electrics etc). 2. Is it possible for the housing association to decide to sell the flat and kick you out? 3. I've had a look online and I've seen quite a few people saying that it is difficult to sell if you want to move up the ladder and can lose money. Thank you

@alexkerrmortgage

4 жыл бұрын

Hi Dimitris! 1) the housing association would cover the buildings insurance and you would be responsible for the contents. 2) unlikely they would do that unless you broke any terms. You would know the terms before going into the purchase as the housing association would supply them. 3) lots of factors come into account that effect saleability! Location, demand, the property itself and all sorts of stuff like that but being a shared ownership property would unlikely be the sole reason it doesn’t sell... I hope this helps ? Alex

@dimitrisblane6368

4 жыл бұрын

@@alexkerrmortgage thanks Alex. So from what I understand you need to look at the terms for each property individually? Is this where we will find if a cat is allowed in the property? My partner and I are very interested in shared ownership. Living in London and with our current salaries/deposit there is no chance we can buy normally. And paying rent really feels like throwing money away especially now that we are getting older... Any housing associations out there that you know have a good reputation? Cheers

We've gone with help to buy instead of shared ownership. I know not everyone can do it. My friend does SO, owns 40%. Her interest rate on her mortgage is 4.5% and she's only paid £780 off her mortgage in 3 years. Our mortgage with HTB is 1.7%. I didn't know SO mortgage rates were so much higher!

@alexkerrmortgage

3 жыл бұрын

It all depends on your circumstances, there are lower shared ownership rates as well… Thanks for watching, Alex

Legend 👌🏻

topman Thanks for the good advise

@alexkerrmortgage

4 жыл бұрын

thank you :-)

Het Alex, great video! i loved it. I dont get who owns the other part of the asset. Is it a construction company or the goverment? Thanks

@alexkerrmortgage

4 жыл бұрын

Fernando López thanks Fernando! the housing association ! That’s who you rent the part you do not own from. Does that make sense ? Alex

Great video. Are you still locked into the housing association rules and ground rents if or when you own the property outright? Or does this change from association to association?

@alexkerrmortgage

3 жыл бұрын

Good question! It all depends on the housing association. Some will allow you to own the freehold and others will not. However once at 100% ownership there is no rent to pay...

I dont understand one thing and I will try to explain it. I was looking for home but where I live its too expensive and I can't afford it so let's say properties are 200k and I can get only 100k mortgage. Lady in the bank said to me that I can go through shared ownership but here is what I dont get it.. 200k mortgage for example would be 1k every month to pay which I can easily afford, but bank can give me only 100k because of me earnings. Shared ownership - OK u get 100k mortgage which will be 50% value of house but rest I need to pay rent so it will come 1k per month anyway!! So why they can't give me that 200k mortgage. I will pay the same money every month anyway. Weird

@alexkerrmortgage

3 жыл бұрын

Hi Cheryl, thanks for watching the video. Do you normally find that the combined mortgage and rent payment will be cheaper then when compared to the full price of the property if you had a full mortgage. I hope this helps, Alex

@ssmufc9941

Жыл бұрын

I’ve always wondered this! I actually bought 50% and am in the process of buying the other 50% share in the coming weeks. Give or take, my monthly costs remain pretty much the same. On SO my mortgage was a higher interest rate than a normal full mortgage, hence making the cost pretty much the same. Why I couldn’t get the full mortgage in the first place with access to the most competitive rates, just makes no sense to me.

@someoneelse1904

Жыл бұрын

Presumably it’s to do with the amount of risk the lenders assume by lending £100k vs. the full £200k.

Excellent video. The first I've seen of yours. I personally would never touch shared ownership. All SO properties being leasehold kills it dead in the water, long before I consider the other issues I have with it.

@alexkerrmortgage

4 жыл бұрын

Hi Mosher Mike, thanks for your comments! Leasehold is the downside, but it does beat renting as at least you own some equity and can buy further shares later!

@superchargemario

4 жыл бұрын

Also it worth noting that some Housing association will convert it to a freehold once you own 100%

@alexkerrmortgage

4 жыл бұрын

superchargemario hey superchargemario, excellent comment to the first time buyer community, thank you!

Thanks for your videos! Can you suggest some good house associations in London? another question is the does the rent increases and the market value of the property increases?

@alexkerrmortgage

3 жыл бұрын

Hi Marcelo, the rent should decrease as you buy further shares. I cant really recommend housing associations, just look for the online trust pilot and google reviews and that will give you a good idea!

Thanks for your nice video ,,, one thing I ask can we have right to sale our share anytime???

@alexkerrmortgage

4 жыл бұрын

Humera Faisal hi Humera, you can sell your property of course, but housing association rules can vary, so it’s best to check with them the terms at the start... but you can sell the property of course, you are not tied in for ever!

Hey Alex! Great video really helpful, considering all the points you have mentioned are included within the shared ownership deal, do you think this is a good idea to proceed with shared ownership? Or would you suggest waiting to buy a house outright if there is no rush? I am trying to understand if shared ownership is something you should only do if you have to or if I should be waiting to buy a house through the conventional method - in say 3 or 4 years time. Thanks in advance.

@alexkerrmortgage

4 жыл бұрын

Glad it was helpful! I always view Shared Ownership as a stepping stone and not a long term plan. I don't have an issue with Shared Ownership if it helps you onto the ladder where without it you would have no options... Owning 25 - 35% etc is better than renting 100% and owning 0-% ! Also here is a quick shared ownership checklist for you to download - mortgagechain.co.uk/wp-content/uploads/2020/06/Shared-Ownership-check-list.pdf

Very helpful video. I have a help to buy ISA, can I use the money in that as a deposit for a shared ownership property?

@alexkerrmortgage

4 жыл бұрын

Dan S you certainly can! You can use it on any purchase and still obtain the bonus. Where are you in your stage, have you started a property search as yet ?

Hey! Thank you for the video, really useful. My partner and I are looking to buy a house in about 4 years time, at the moment it only seems like we can go shared ownership. We have been looking round and seeing what the prices are now and it works out to be around £700 each, inc. bills, rent and mortgage. We would like to staircase too. We have found an area good for us both, would you recommend we go shared ownership starting at 50%, or rent? Renting seems so expensive for what you get, thanks.

@alexkerrmortgage

4 жыл бұрын

Glad it was helpful! I always say that shared ownership is better than renting.... as owning 50% is better than owning 0% when you rent! You have a mortgage and should be creating some equity for yourselves so you can buy outright later on. Good luck! Anymore questions let me know. Alex

@katietompkins4203

4 жыл бұрын

alexkerrmortgage that’s true - thank you very much :)

Hi Alex, recently found you on youtube! Thank you for all your great concise information:) Just wanted to ask, from what I gather with shared ownership you are responsible for repairs unlike normal renting. Does this mean you are able to do work such as a new bathroom? Also, because of the rental part does it mean there is an inventory check so you would have to pay for things such as nailing a wall? Thanks in advance! :)

@alexkerrmortgage

3 жыл бұрын

Hi! You have full control over repairs etc, it’s not like renting, you have much for flexibility for home improvements. However as always double check the housing association rules!

Hey, thank you for the video. What happens when you come to sell? Do you just advertise your share to other potential buyers as normal on for instance Rightmove? And is it harder to find buyers because of this? Thanks!

@alexkerrmortgage

3 жыл бұрын

Hi Mike, selling is very similar to a normal property sale and yes it would go on all the portals. The housing Association may help or they may have estate agents associated with them! Double check with your housing association. Alex

Nice information sir

@alexkerrmortgage

11 ай бұрын

Thanks and welcome

Hello! Great video thank you so much. If you’re considering not staying in your shared ownership for too long (maybe no more than 5 years) would you say it’s beneficial to *not* staircase as it may be harder to sell say 75% share compared to 25% (with the idea in mind that shared ownership is supposed to be aimed at first time buyers with low deposit etc.) What’s your thoughts on this? Thank you

@alexkerrmortgage

2 жыл бұрын

I would say it’s a good point! But in my experience shared ownership properties seem to sell well and if you’re at 75% then you’re close to 100% so you may as well keep going!

thank you very much

@alexkerrmortgage

3 жыл бұрын

Any time Yona 🙏

Say we get a house for the 50% shared ownership. When we go to sell a few years later if we haven't staircased, would the 50% be taken from the sale price or the original amount of the house price, Really hope that makes sense aha

@alexkerrmortgage

4 жыл бұрын

Any increase in value will be 50% yours!

So if you want to staircase from 50% ownership to 60% for example, is a new mortgage needed, the current mortgage extended in terms of years, or the monthly payment adjusted?

@alexkerrmortgage

3 жыл бұрын

Hi Tony, the best time to get more shares would be the point your current mortgage deal expires or if the lender you are with allows you to do a further advance to buy extra shares... We always try and recommend lenders that work this way.

Hi Alex W'd you make another video with explanation about how share ownership property selling process looks like?

@alexkerrmortgage

3 жыл бұрын

I’ve put this on my list :-)

Thank you

@alexkerrmortgage

3 жыл бұрын

Welcome!

*THANK YOU SO SO MUCH for you videos.....absolutely appreciate you!* I DO apologise in advance if my questions are longwinded & somewhat....daft!! 😜 May I ask kindly: 1. Is Shared Ownership therefore isolated to SOLELY new builds? 2. Or does it extend to "second hand" homes too (implications if so)? 3. Does the fact that we'd be First Time Buyers in our 40s & 50s go against us in any way? 4. I see you've provided an email address in one of your threads...is this for free impartial advice from you directly? 5. What exactly is Stamp Duty & is it applicable on Shared Ownership? 6. Is Shared Ownership the same as Shared Equity? I'm so sorry for the 109 questions lol.....just needing to be *absolutely* sure & educated on this..... as this is a MASSIVE investment.

@alexkerrmortgage

3 жыл бұрын

Is Shared Ownership therefore isolated to SOLELY new builds? No, this is any shared ownership property, both new build and second hand properties available. 2. Or does it extend to "second hand" homes too (implications if so)? Yes. Implications... Same rules apply as new builds. 3. Does the fact that we'd be First Time Buyers in our 40s & 50s go against us in any way? Only the maximum length of term you can have (Until age 69 max or 74 if you have a private pension) 4. I see you've provided an email address in one of your threads...is this for free impartial advice from you directly? Yes - alex@mortgagechain.co.uk 5. What exactly is Stamp Duty & is it applicable on Shared Ownership? This is a government tax you pay for buying a home. It only applies to the share you buy and if that share is under 300k (or 500k until March 2021) you have zero stamp duty to pay as a first time buyer. Here is our stamp duty calculator for reference: mortgagechain.co.uk/stamp-duty-calculator/ 6. Is Shared Ownership the same as Shared Equity? No, shared equity is more a reference to the help to buy equity loan. I'm so sorry for the 109 questions lol.....just needing to be absolutely sure & educated on this..... as this is a MASSIVE investment. No problem! I hope this answers your questions, any more let me know! :-) Alex

@chiccabee8840

3 жыл бұрын

@@alexkerrmortgage Cheers. I've since purchased a home.

Hi, Alex thank you for this helpful video. I would like to know about the lease condition. What minimum remaining years we should looking to before buy the property? Kindly please reply.

@alexkerrmortgage

3 жыл бұрын

Ideally 90+

@nazkhan7922

3 жыл бұрын

@@alexkerrmortgage Thank you.

Thank you for all the advice and clarifications. Is there a way to negotiate for owning 50% of the house and pay rent for the remainder? Does it have to start with 25%?

@alexkerrmortgage

2 жыл бұрын

It would start by buying the amount the housing association is selling, 25% is common but you can also get 35% 45% 50% and maybe even 70% as a starting purchase.

Just a quick question when I finish paying off my 25% worth on the property do I still have to keep paying rent or do I stop op up or do I have a choice to keep pain so I can pay off the house and have it as 100% of my own.

@alexkerrmortgage

4 жыл бұрын

Hi Cassandra, thank you for the question! You will always pay rent on the share you do not own, up until the point you own 100%!

Hi Alex! I wondered if a first time buyer buying a Shared Ownership property could take advantage of the current COVID-19 SDLT threshold increase on a property which is £355,000 in value but buying a 45% share? I know that with S/O you can choose to pay the SDLT upfront upon first purchase of shares -- could I use the SDLT suspension to "cover" an initial upfront SDLT payment, thereby avoiding it in future when I staircase?

@alexkerrmortgage

4 жыл бұрын

Hi Mbaku, good thinking but I am afraid this is not an option! Good luck with your purchase. Alex

Thanks for the video. I wondered about the home improvements, since you don’t technically own the ground as a leaseholder, are you allowed to change floor finishes from carpet to something else for instance ?

@lunedfrancis2768

3 жыл бұрын

I've had read over the scheme and you a limited on what you can change. Belive rules will differ from one housing association but general rule is you can change flooring and you can paint and decorte. But you can't knock down and build walls or build an extension on the back

@alexkerrmortgage

3 жыл бұрын

A great answer by Luned below, but the housing association will stipulate these rules, so always check with them!

@msmanager2775

2 жыл бұрын

Yea you can change flooring or anything that doesn’t change or May affect the structure of house

Hi Alex, thanks for the video. Can I use my Lifetime ISA towards a shared ownership mortgage ?

@alexkerrmortgage

2 жыл бұрын

Yes indeed you can use that for any type of property purchase.

Hi alex it’s very informative , is it possible if we can buy shared ownership with maximum deposit so we have less morgage , and also whats the difference to get mortgage direct from bank and to involve broker .

@alexkerrmortgage

2 жыл бұрын

Hi Saqib, yes it is... a broker will likely provide you with the best lender for you first time, and do all the work for you, where doing it alone would mean doing your own research and understanding the criteria correctly!

How much are the fees involved with a shared ownership on average? I'm waiting for properties to be released and I have the deposit ready to go. I just want to have an idea on fees so Im not cut short by that. Also when do you pay all of your fees. Up front or at the end of the sale when deposit is moved and you're moving in. Completion is looking at autumn this year to spring next year so another 6 months of saving would be ideal for myself however I'm not sure is payment would switch hands a long time before this

@alexkerrmortgage

3 жыл бұрын

I think this video I did could help you! kzread.info/dash/bejne/YpWas4-zoauvmZs.html

Alex got a good question only started watching some of your videos in a situation where I need to buy a flat soon, one question I have. I have a help to buy isa just before it closed in November, it’s where I think I believe it’s capped at £3,000 now I don’t know if I can use that money on just a normal mortgage where I’m going in to buy a property with 3.5 to 4.5 my salary either way that neither here nor there, if I save say 10,000 will I still get £3000 regardless of if I use a help to buy or a shared ownership? Thanks

@alexkerrmortgage

4 жыл бұрын

Hi Harrison, you can use your help to buy ISA to purchase any property and still get the bonus, as long as conditions etc are met. But yes any property is ok, have done a few lately and helped clients obtain the bonus, would be delighted to help you do the same, if that’s something that appealed. Exciting stuff! Alex

Very good video, what happens when the mortgage has been paid off, if you don’t have money in the future to staircase, thanks

@alexkerrmortgage

2 жыл бұрын

Then you would just own your share in full…

Thank you. I would like to ask, do the high Street banks privide mortgage for shared ownership property? Thanks.

@alexkerrmortgage

3 жыл бұрын

Yes some of them certainly do.

@seban8117

3 жыл бұрын

@@alexkerrmortgage Thank you Alex.

Can you please explain how much you will pay on the mortgage if you put down 5%- 25% of deposit. Cause you talked about the rent, what about the repaying the mortgage

@alexkerrmortgage

4 жыл бұрын

Hi Mizz, all depends on your credit history and the lender and rate.. there is no one answer that fits all for this, unlike the shared ownership rent... You would need an analysis call for this! Are you thinking of shared ownership ?

Thank you for this video! One question please, so if you go for a property of 25%, you're paying the mortgage but also rent. Does the rent go towards the remaining 75% of the property? Or is the rent going nowhere? This is the part that confuses me as I'd like to know whether it goes towards the total payment of the property or whether it's just for residing there while making payments. Thank you very much!

@alibaba3812

2 жыл бұрын

Your renting at a discounted price because you own part of the property. The rent is not paying off the 75% because someone else owns that your just paying them to live there.

@alexkerrmortgage

2 жыл бұрын

The mortgage payment will reduce the balance on the share your own, the remaining share you pay your rent to the housing association, so the housing association benefit from this element. I hope this makes sense, any more questions please let me know.

@gracelove6008

2 жыл бұрын

@@alexkerrmortgage So, when can be 100 % ownership and methods?

Worst thing we ever done buying a shared ownership flat. When we first moved in the rent and service charge was very affordable. Within 2 years the rent and service charge went up by £200 pcm. And whenever you call up the property management they just say the money will go up by minimum of 1% every year. I'm estimating within the next 5 years this property will be deemed unaffordable for us. Just be aware it starts off great but inevitably your bills will sky rocket

@alexkerrmortgage

4 жыл бұрын

Hi Adam, thanks for sharing. Who is the housing association ? Alex

I’m looking to buy my first property. Given current situation ...I think I am on hold now. My annual income is low and I am single, which is not helping me either. My Question: which % is the best to start? I am aiming for 50% minimum... and also, is it possible to buy out the property entirely after xxx years? Thanks, good video.

@alexkerrmortgage

3 жыл бұрын

You can "staircase" which means buying more equity. In regards to a share you can buy, you would need an affordability check. Maybe use a lenders affordability calculator to give you an idea.

Hi how does it work with council property that have a discount?

@alexkerrmortgage

4 жыл бұрын

Moments2Mention Creations Party Planner that is a “right to buy” mortgage! I have a video planned in three weeks time for that... is this something applicable to you ? Alex

Hey, I know this video is old but I figured I would ask anyways just in case. I was wondering if the restrictions you mentioned regarding shared ownership apply to Europe only? I live in Canada and was interested in buying a property with 3 friends. Not sure if rules such as the limited selection of properties applies to us here in Canada. Thanks for your help!

@AicyDC

2 жыл бұрын

Shared ownership in this video refers to a UK government scheme so none of this video's content relates to Canada.

@alexkerrmortgage

2 жыл бұрын

As Aicy mentioned this is UK, but thank you for watching.

I'm a therapist would I be able to work from with shared ownership ? Or would I be limited and classed as a tenant?

@alexkerrmortgage

3 жыл бұрын

Hi Char, of course, there are no restrictions to that working sector. As long as income etc works out then yes!

I don't know if it's just me or not. I am trying to open the "download the checklist shared ownership file" from underneath the video. The redirect doesn't seem to work and it just says KZread.com redirect. Can you provide the link to the shared ownership file that you talk about in this video? Thank you

@alexkerrmortgage

2 жыл бұрын

I will get this checked out… In the meantime if you download the first time buyer pack, the shared ownership document is included within this pack! Here is the link - www.mortgagechain.co.uk/first-time-buyer-tips/

very informative. just missed the fact that if you need/want to sell your share, that you cannot negotiate what you sell your share for. the leaseholder can state that you can only sell your share for X or more, and if you get an offer for £1000 less than X, you cant accept it.

@alexkerrmortgage

2 жыл бұрын

Hi Bruno, that’s a fantastic point and thank you very much for sharing, very helpful. Have a lovely day and any questions let me know.

Hi Alex, Great video!! We bought a 50% shared ownership flat and planning to buy another property for investment to rent out. Is it possible to buy an investment property if we bought our first with help to buy and shared ownership? Many thanks for your answer.

@alexkerrmortgage

4 жыл бұрын

Olivér Nagy hi Oliver, yes that is fine! Not an issue at all. I actually have it on the list to do a video for a first time landlord. The deposits are a bit bigger. Are you aware of that ? Alex

@olivernagy7217

4 жыл бұрын

alexkerrmortgage Thank you so much for your answer Alex! Really appreciate it. Also I didn’t know about the higher deposit so thank you for that as well!

Thanks for the information! I’ve been told I’m eligible for the Shared Ownership scheme but I wondered what the minimum income would be for affordability? I’m concerned my income is too low despite having a good amount of deposit saved and the HTB Isa!

@alexkerrmortgage

3 жыл бұрын

Thanks for watching! This video should help you with that:kzread.info/dash/bejne/pJV82JixnrKenKg.html

Thanks Ever so much Alex. A question if I may: when you purchase extra shares, do you go through the whole process again? I.e. are there additional cost involved?

@alexkerrmortgage

18 күн бұрын

It’s a shorter process and the housing association will usually charge for this.

My Shared Ownership house is currently at 75 years lease, but my Surveyor has just valued the property without knowing the lease is below the threshold of 85 years. Would this affect the value of the property as I am Staircasing from 50% to 100% which makes the property automatically a freehold and no lease extension needed?

@alexkerrmortgage

Жыл бұрын

It all depends on the housing association in their rules, but in theory as you are buying the freehold completely the lease becomes irrelevant

Quick query if you own a shared ownership house. And decided to buy another buy to let property could you do this?

@alexkerrmortgage

2 жыл бұрын

Check with the housing association first but it should be ok.

Hi Alex, Im considering a shared ownership mortgage. I am committing myself to work in an area for around 2 years minimum probably closer to 3. The reason i am considering shared ownership even though i can afford a full mortgage and deposit is that I do not want to commit to buying a full at this moment in time and would prefer as much flexibility as possible regarding my future career. I do not know which path to start on can you provide any advice? Thanks

@alexkerrmortgage

4 жыл бұрын

Hi Tom, that sounds like a sensible plan! There is quite a lot to it. We offer a free analysis call to go through this as part of our service. If this is of interest please call my team and ask for an analysis call on 03333446869 - Look forward to helping if thats something you are interested in. Alex

@lukeditrana5722

2 жыл бұрын

Hey dude, Did you ever follow up on this plan?

Nice one thanks! I am wondering whether 1. they will let me rent out a shared ownership new build flat if I wanted to and 2. whether the new owner can sell it freely on at the normal market price...? Would love to know! I will ask them though.

@alexkerrmortgage

2 жыл бұрын

Hi Tania, you cannot rent out a shared ownership property and in regards to selling it you can tell it what you want at the market value.

@tankersmit

2 жыл бұрын

@@alexkerrmortgage Thank you for answering my question!

Hi Alex, what would you say would be the middle ground between shared ownership and buying a house normally. Is there one in between?

@alexkerrmortgage

4 жыл бұрын

Hi Alex Sonko, I would say shared ownership is the middle ground between buying and renting or you could say purchasing a 50% share is the middle ground of shared ownership 👍🏻

@alexsonko6536

4 жыл бұрын

alexkerrmortgage thanks pal, I’m in a position where ive recently started a gas engineering company I earn good money but as it’s new I won’t be able to prove heavy income on the books me and mrs have abit of deposit money and desperate to jump on the ladder she has average paying job which we should be able to get a shared ownership mortgage for an ok % would you recommend to hop on shared ownership, new build nice location where house price is likely to rise or would you encourage to hang on to buy without the gov schemes? Thabks

@alexkerrmortgage

4 жыл бұрын

Alex Sonko I think anything that helps you onto the ladder is a positive step. I would say get your first year in business done. Is it Limited Company it sole trader ? Then let’s have a chat see what your options are. Just save save save until then! What date did you start trading ?

A very important point which you forgot to address .. are shared ownership more difficult to sell ..

@mr-kl7or

3 жыл бұрын

Depends on the area and build all the resales I looked at were gonna pretty quick .. I think it’s a general problem with new builds my brother couldn’t sell his as fast not share to buy, but so many news one were being built at the same price

Very instructive. Thank you for that video. I've been looking at some ads for shared ownership too. Sometimes mention is made that the remaining lease is for a certain period of time for eg.111 years. Does this mean that if I want my children to inherit my shared ownership, they 'll only be able to benefit from it for a certain period of time until the 111th year after the date the property was purchased. Does the contract becomes caduc after 111 years and the partial ownership no longer valid. Or does that simply mean that after 111 years, the conditions of the contract with the housing association might be revised?

@alexkerrmortgage

3 жыл бұрын

Hi, it depends on the housing association. In theory they should renew it, but double check with them, very important to know that, especially if it’s for children !

I was wondering I have bad credit but I was woundering if I pay 35k upfront that’s the 25 per cent . Will I have to pass credit checks still to rent can I pay 35k upfront and not have a mortgage

@alexkerrmortgage

Жыл бұрын

I’m not sure about this, I would speak to a housing association about this, I’ve never come across a scenario like this.

Hi Alex what’s the best way to contact you? I would like more advice if possible. Very good videos

@alexkerrmortgage

3 жыл бұрын

Hi Faruk, many thanks! The best way is to book a free call in my diary. Choose Analysis call for early stages or priority call if you want to look for properties immediately. Many thanks! Alex Link here: outlook.office365.com/owa/calendar/MortgageChainLtd@mortgagechain.co.uk/bookings/

what happens when you want to sell your share? do you have to sell that back to the Housing Association or can you sell it on the open market?

@alexkerrmortgage

3 жыл бұрын

Hi, just touch base with housing association and find out their rules, but its a normal process, rightmove etc to sell...

This was so informative! I’ve found a property and now in the very early stages but found it hard finding a 95% mortgage directly with lenders during the pandemic. Are you aware of brokers who have been able to secure a 95% mortgages at this time?

@alexkerrmortgage

3 жыл бұрын

Hi Donna! Yes, we work directly with lenders who supply 95% mortgages for shared ownership, at great rates! However a lot of these lenders are "broker only intermediaries" meaning you have to go via a broker to access the products. If you would like a free chat about the options, please just book into my diary! Link here: outlook.office365.com/owa/calendar/MortgageChainLtd@mortgagechain.co.uk/bookings/ Alex

@donnabrown3205

3 жыл бұрын

Brilliant- thanks! Which option shall I book into on your calendar?

@alexkerrmortgage

3 жыл бұрын

@@donnabrown3205 Priority call! As this will get you in within a few weeks... if you need sooner let me know and I will see what I can do!

Hi....is it true that all shared properties are leasehold? Thanks for the vid but I would never touch a shared ownership, there are many more cons than you have listed. Its a win win for the HA

@alexkerrmortgage

5 жыл бұрын

Abba Roonie hi Abba. Yes that is right, you pay a rent on the share you do not own, the Housing Association are the freeholder. The reason for making clear the disadvantages is purely as a “approach with caution” message as some housing association rules will be more favourable than other’s so be sure to check. But I am of the opinion that shared ownership can be fantastic if used as a stepping stone if you find a good Housing Association who have fair terms. It’s not a good idea as a long term plan, which is the main reason the downsides are highlighted. I hope that helps.

@SCD4

4 жыл бұрын

If you buy a new flat and live there for 10 years. You still may have 90 years on the lease maybe........no big worry in my view. Oohhh and I had no lease on my 3 bedroom home.

Does the government 5% help to buy scheme apply to new build shared ownership properties?

@alexkerrmortgage

2 жыл бұрын

Unfortunately you can't use the help to buy equity loan for shared ownership properties, however with just a 5% deposit required of the share you are purchasing, this means the deposit is 1/4 of what you otherwise would need to put down, making it much more achievable.

On shared ownership homes, do you live with other people in the house coz it's shared ownership?

@alexkerrmortgage

4 жыл бұрын

Hi Mahfuz, you do not need to share the home with other people. This just refers to the fact you are buying a share of the property from a housing association and then the rest from them, however like I said you live there yourself. If you email me your email, I’ll send you some info! alex@mortgagechain.co.uk

Hi Alex, I'm interested in a shared ownership in Essex. Linden housing homes said. That I can only do mortgage though the company, they recommend. Thinking because they would charge a higher rate. Is this correct?. Thanks.

@alexkerrmortgage

4 жыл бұрын

Hi Stevo, it is not a requirement to use there brokers! Hopefully they will not charge higher fees but feel free to get in touch if you want some options... Where is Essex are you ? I am Chelmsford.

@stevo091

4 жыл бұрын

@@alexkerrmortgage Hi Alex cheers for the info. Will search other alternatives. From Colchester.

Can you buy a Percentage with cash, and then rent the remaining Share without getting a mortgage?

@alexkerrmortgage

3 жыл бұрын

I am not sure but I imagine you could buy a share outright, however check with the housing association.

Great content but do have one criticism, 6:50 you talk about how much the service charge is, but then you just go on to say that there is a service charge... I respect that it may be different for different areas but a ball park figure would have been better than none in my opinion.

@alexkerrmortgage

3 жыл бұрын

Hi John, thanks for watching and the feedback. Let me see if I can add something to the notes below to make that clearer. I am planning on doing a new one in Jan 21, so will be sure to make that area clearer. Thanks for the feedback and take care 🙏 Alex

Pure cons out way the Pros by far!!!!!