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What is a Shared Ownership Mortgage in Newcastle?

Shared Ownership is a Government scheme that allows homebuyers to take out a mortgage on a percentage of a property. The government introduced the scheme to help those struggling to save for a mortgage deposit.

If you are hoping to move up the property ladder within the next year, this scheme could provide the boost that you need.

How does the Shared Ownership scheme work in Newcastle?

When you purchase a home using the Shared Ownership Scheme, you’ll only be purchasing a percentage of the property value, which can vary from 10-75%. The mortgage you take out will only cover the percentage you are purchasing, not the full value of the property.

The costs balance out; think that your mortgage payments are going towards a percentage of the property that you own. If you own 25% of the property, your repayments are based on this amount and your rent is based on the 75% that you do not own.

What deposit do I need for Shared Ownership in Newcastle?

A bonus to the Shared Ownership Scheme is that you only put down a deposit on the percentage that you are buying. If you are looking to take out a 25% share in a property valued at £200,000, you would be taking out a £50,000 mortgage and therefore, your initial deposit could be as little as £5,000.

This is a great perk to utilising Shared Ownership in Newcastle; it helps those struggling to save for a deposit move into a new property.

How do I qualify for Shared Ownership in Newcastle?

To qualify for the Shared Ownership Scheme, your household income must be less than £80,000. You must also not be able to afford all of the deposit and mortgage payments for a home that meets your needs.

Unlike other Government schemes, Shared Ownership is available to all types of buyers, not just exclusively first time buyers in Newcastle. This means that if you are moving home in Newcastle and need help saving for a deposit, you could utilise this scheme to give yourself the boost that you need.


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Can I eventually buy 100% of the property?

If you are looking to own 100% of your property, you should consider ‘staircasing’. Staircasing is where you increase your percentage share in the property over time. Usually, you can increase the percentage that you own as and when you come into the funds.

Remember that because your share is increasing, your rent payments will reduce but your mortgage payments will increase.

Can I sell my home if I have a Shared Ownership mortgage in Newcastle?

If you have found that living in a Shared Ownership property is not right for you and you want to move out, selling up is not as easy as it is when you have 100% ownership over a property.

Whether or not you can sell your home entirely depends on how many shares of the property you own. Typically, you need to own the whole 100% before being able to sell it.

It is important to note, however, that the housing association will usually have ‘first refusal’ rights, for the first 21 years after you have bought the home. This means they are, by law, able to make an offer to buy the property themselves, before you put it on the open market.

If you do not own 100% of the property, you will have to look at purchasing the remaining shares of the property in order to then look at selling it.

Is Shared Ownership right for me?

Everyone’s situation is different and there is no way for us to determine your suitability without you getting in touch. Our mortgage advisors in Newcastle have been working with Shared Ownership applicants for many years now, and we are able to our full support throughout your entire mortgage journey.

Shared Ownership in Newcastle can be made easier when conversing with a mortgage broker in Newcastle. You can book your free mortgage appointment with a mortgage advisor in Newcastle for free! Head to our online booking area and select a date and time that suits you best.

What Does a Mortgage Broker in Newcastle Do?

A mortgage broker in Newcastle is a type of business that specialises in arranging or negotiating mortgages on behalf of customers who are homeowners, home buyers, or landlords.

Essentially, they act as intermediaries between the borrower and the mortgage lender, working to secure the most suitable mortgage for their customers’ needs.

When someone takes out a mortgage, they are borrowing money from a mortgage lender, which is then secured against their property. The borrower then pays back the loan over a set period of time through monthly payments.

A mortgage broker in Newcastle’s role is to help their customers look at the various types of mortgages available, compare rates and terms from different mortgage lenders, and ultimately secure the best possible deal for them.

Jobs of a Mortgage Broker in Newcastle

When it comes to obtaining a mortgage, a homeowner, home buyer or landlord can choose to search for and arrange their own mortgage, though generally it is more common for them to seek the help of a mortgage broker in Newcastle, due to the broad range of services they offer.

One of the most important services provided by a mortgage broker in Newcastle is the ability to compare your circumstances against thousands of products, from various mortgage lenders. In contrast, going directly to a bank limits you only to their specific deals.

Although the best deal with that mortgage lender may be the best option for you, though this is not always guaranteed. A mortgage broker in Newcastle can often offer exclusive deals and make comparisons for you, ensuring that you obtain the best deal available, across all mortgage lenders.

The responsibilities of a mortgage broker in Newcastle extend beyond that, as they are involved in various tasks before, during and after the mortgage process. The services provided may differ from one broker to another.

At our company, for example, we specialise in recommending suitable insurance options for homeowners. While it is an optional extra cost, our mortgage and protection advisors have a responsibility to guarantee that you can remain in your home, regardless of any unforeseen circumstances.

Before Your Application

When you first start the mortgage process, you will usually be in contact with a mortgage broker in Newcastle’s appointment booking team. They will gather some initial information from you and help you find a suitable time to speak with a mortgage advisor in Newcastle that works around your busy schedule.

Alternatively, you can book an appointment directly through the website of many mortgage brokers in Newcastle, including our own.

This is often done through a user-friendly appointment booking system where you can choose between telephone or video calls, bypassing the need to speak with anyone before your appointment.

During your appointment with your mortgage advisor in Newcastle, you will provide them with more detailed information to help them better understand your financial situation and goals. They will then look at a range of mortgage deals and recommend the most suitable option for you.

Some mortgage brokers in Newcastle have access to a limited number of niche mortgage lenders, while others have a larger panel of mortgage lenders, like us.

Although we’re not whole of market, we have a wide range of mortgage products available, from standard to specialist. Once your mortgage advisor in Newcastle has found a deal you’re happy with, they will look to secure you an agreement in principle (AIP), which confirms your mortgage eligibility.

An AIP is typically required by estate agents when you make an offer on a property and shows the seller that you are committed to your offer and financially capable of proceeding with the sale.

At this point, you will also need to submit your documents to your mortgage broker in Newcastle, which can vary depending on the mortgage lender and your individual circumstances.

Standard documents usually include proof of ID, income, and deposit, as well as the last three months’ bank statements and payslips. If you are a foreign national, you will also need to provide proof of VISA or the right to work in the UK, which can typically be done with a share code, if you migrated from the EU.

Depending on your circumstances, you may also need to provide additional documents such as a P60, business bank statements and tax calculations/year overviews if you are self-employed, or an employment contract if it is applicable to your line of work.

During Your Application

Once the previous steps have been completed, a mortgage broker in Newcastle will typically review and verify your documents before providing you with a mortgage illustration that outlines the agreed-upon deal, before submitting it to the mortgage lender.

After the submission, the waiting game begins for you until the mortgage lender gets back in touch with your mortgage broker in Newcastle to confirm whether or not you have been approved for the mortgage.

The work doesn’t stop there, as mortgage advisors in Newcastle and administrators still have their own steps to complete. They’ll send copies of your documents to the mortgage lender and work with solicitors

During this time, our mortgage advice team will be available to advise you on property surveys. You can typically choose from three types of property surveys: basic valuation, homebuyer’s valuation, and full structural survey.

Similar to how they recommended a mortgage deal during your initial mortgage appointment, our team will be able to best recommend which property survey you will need to take out.

Whilst you wait for the end result of your mortgage application process, you may have questions or concerns about what is happening. A mortgage advisor in Newcastle will keep you regularly informed, often via email, so that you are never left in the dark regarding your mortgage progress.

After Your Mortgage Offer

In due course, the mortgage lender will provide you with the outcome of your mortgage application, hopefully, a positive one. If your application is approved, you will receive a formal mortgage offer.

After this, your solicitors will take over to complete the necessary legal work and finalize your mortgage deal, allowing you to enjoy your new property. Nevertheless, a mortgage broker in Newcastle can still offer further assistance.

At Newcastlemoneyman, we go the extra mile by getting in touch with our clients about six months before their mortgage deal expires. If you previously took out a mortgage with us, we will offer you remortgage advice and assist you in taking the next step towards owning a property.

The Positives of Using a Mortgage Broker in Newcastle

There are various ways in which a mortgage broker in Newcastle can help a mortgage applicant. For instance, they can save them both time and money by streamlining the mortgage process and minimising stress levels.

Additionally, mortgage brokers in Newcastle can offer a broader range of mortgage deals, including exclusive and specialised options. At Newcastlemoneyman, we prioritise our customers’ best interests and work hard to save them money and to help secure their financial future.

Our customer reviews show our commitment to building long-lasting relationships and going above and beyond for our customers. We also strive to reduce our customers’ costs and fees by negotiating with mortgage lenders or incorporating fees into their mortgage balance.

During our free mortgage appointment, our mortgage advice team will discuss all costs and fees involved in the mortgage process to ensure transparency and avoid surprises down the road.

Why use a mortgage broker in Newcastle?

If you are looking to save time, money, stress, and worries by having an experienced mortgage professional handle the bulk of the work, then hiring a mortgage broker in Newcastle may be the right choice for you.

At Newcastlemoneyman, we specialise in providing expert mortgage advice in Newcastle to a diverse range of applicants, including those looking at first time buyer mortgages in Newcastle, buy to let mortgages in Newcastle, and more.

To speak with one of our mortgage advisors in Newcastle, simply use our online booking feature to schedule a free mortgage appointment or remortgage review with a dedicated expert. Contact us today to see how we can help you achieve your mortgage goals.

Help to Buy Armed Forces Scheme Explained

The government found that these schemes were becoming more and more popular so began creating more schemes to try and help struggling applicants get onto the property ladder. Although most of the schemes target first time buyers, they created a new scheme that was exclusively aimed at armed forces personnel. This scheme also comes under the ‘Help to Buy’ umbrella, being named the Help to Buy Armed Forces scheme.

Help to Buy Mortgage Advice in Newcastle

Armed Forces Help to Buy Scheme | MoneymanTV

The scheme is quite simple. It allows regular or retired armed force personnel to borrow up to 50% of their salary, interest-free, to buy a home. This can be used to purchase your first home or to move home if you are assigned to a different location or your family circumstances have changed.

From 1 January 2023, The Forces Help to Buy Scheme will become an enduring policy, ensuring its availability to all service personnel now and in the future. The scheme has an aim to address the low rate of homeownership amongst armed forces personnel.

Who can access the scheme?

However, there are some limitations to the scheme. You can only access the scheme if you’ve completed your pre-requisite length of service, have more than 6 months left to serve at the time that you apply or if you match the correct medical categories.

There may be some scenarios where there are exceptions to the who can and who can’t access the scheme. Usually, this relates to personal circumstances or other medical conditions.

How much can I borrow?

Strictly, you can only borrow up to 50% of your annual salary, with the maximum being £25,000. It’s likely that this is going to be more than enough for a deposit, so you can use the rest on other expenses, e.g. solicitor, surveyor or estate agency fees.

How do I apply for the scheme?

As a mortgage broker in Newcastle, we do offer our help in getting a mortgage through the Help to Buy Armed Forces scheme. Alternatively, you can seek advice by approaching your chain of command or personnel agency.

If you are interested in the Armed Forces scheme, feel free to get in touch with our team for Help to Buy mortgage advice in Newcastle. If you’ve previously owned a property, it may be worth getting in touch to see whether you qualify or not. Even if you are a first time buyer in Newcastle, it may be worth checking anyway!

How to Make an Offer on a Property in Newcastle?

First-Time Buyer Mortgages in Newcastle

As a first time buyer in Newcastle, you may find yourself competing with other potential buyers who are looking at the same properties. With this in mind, it is always best to ensure that you are in the best possible position to have your offer accepted.

You’ll never beat a cash buyer

When it comes to purchasing your home, you will rarely beat a cash buyer – Even if the cash offer is lower than your offer, they are likely to go with this as it means a quicker process and less paperwork. Luckily, you may not come across many cash buyers when searching for your dream home. If you are looking to make the mortgage process even quicker than it otherwise would be, sending the Estate Agent a copy of your Mortgage Agreement in Principle is your safest option.

Arrange an AIP

By doing this, you possibly put yourself ahead of other potential buyers who are less prepared and don’t have this document ready. An Agreement in Principle can be turned around very quickly, often resulting in same day service if your circumstances are straightforward. If you would like assistance in getting this document, Get in Touch and a mortgage advisor in Newcastle will be able to help you out with this.

When buying a house you may find there is a lot of back and forth negotiation. Be very careful as your first offer, if accepted straight away, will most likely be too high! On this basis, we often find that our customers’ original offer will be turned down by the seller. It’s always a good idea to offer a bit less than you’d be happy to pay, as Estate Agents have been known to push an increase on your offer.

Lower their asking price?

If the seller won’t budge from their original asking price, it’s up to you to decide whether or not you are willing to meet their asking price. If the property you are applying for is new to the market and you can’t negotiate a deal with the Estate Agent, then it may be worth your time to walk away and look for another property.

If you are unsure about whether the asking price is right or not, you can always check sold prices on Zoopla and Rightmove to get a rough idea of what it should be. These websites draw data from the Land Registry which means that they are providing you with reliable information. Sometimes, you may see a house on the same street at a much lower price than the one you are looking at purchasing. Don’t worry though, as there will be a reason that this house sold for less.

These can include;

Free mortgage appointment in Newcastle

As part of our service, we offer expert first time buyer mortgage advice in Newcastle regarding your offering strategy. We know that this process may be nerve-wracking, though it can also be exciting, and we are here to help you along this journey.

How to Improve Your Credit Score in Newcastle

First time buyers in Newcastle, embarking on the journey to homeownership in Newcastle requires careful consideration of various factors, and one of the most critical is your credit score. A healthy credit score not only opens doors to better mortgage deals but also reflects your financial responsibility. Here, we will delve into specific strategies tailored for Newcastle residents to boost their credit scores and enhance their prospects of securing an ideal mortgage.

Keep Credit Searches to a Reasonable Amount:

When you apply for credit, lenders conduct a “hard inquiry” on your credit report. Too many of these inquiries within a short period can negatively impact your credit score. In Newcastle, it’s essential to be mindful of the number of credit applications you submit. Instead of making numerous applications in a short timeframe, consider spacing them out strategically. This approach not only minimise the impact on your credit score but also demonstrates responsible financial behavior.

Check You Are on the Voters’ Roll:

Being registered on the electoral roll in Newcastle can positively influence your credit score. Lenders often use this information to verify your identity and address. Ensure you are registered to vote at your current address, as this not only boosts your creditworthiness but also provides a stable reference point for lenders.

Know Your Maximum Limit:

Understanding your credit limits is crucial for effective credit management. In Newcastle, regularly review your credit card and overdraft limits to ensure they accurately reflect your financial situation. This knowledge empowers you to manage your credit utilization effectively, a factor that plays a significant role in determining your credit score.

Check Your Address History is Keyed Correctly:

Accuracy in your address history is pivotal for a reliable credit report. In Newcastle, regularly review and update your address details with credit reference agencies. Mistakes in your address history can lead to credit report inaccuracies, potentially affecting your credit score. Be vigilant and ensure that all your past and present addresses are correctly recorded.

Keep Up to Date with Credit Accounts:

Timely payments are the cornerstone of a positive credit history. Newcastle residents should meticulously manage their credit accounts, making payments on time and in full. Late payments or defaults can have a lasting impact on your credit score, making it crucial to stay on top of all financial commitments.

Look Out for Financial Ties to Others:

Financial associations, such as joint accounts or shared credit, can impact your credit score. In Newcastle, regularly review and, if necessary, sever financial ties with individuals whose credit behavior may affect your own. Being aware of these ties and managing them appropriately ensures that your credit score accurately reflects your individual financial responsibility. & Newcastlemoneyman 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.

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