Online mortgage broker Trussle has started providing customers with advice on shared ownership mortgages, in a bid to help prospective customers take their first steps on the property ladder.
Shared ownership allows people to take their first steps on the property ladder in a more affordable manner, granting them the option to purchase a share of their home - between 25 per cent and 75 per cent – and paying rent and a service charge on the remaining share. Homeowners are then able to gradually build up the amount of their share in the home, known as ‘staircasing’, with the option to buy up to 100 per cent of their home.
The demand for this scheme has grown with over 13,400 Shared Ownership completions in 2018, a 69 per cent increase than those in 2010. More than 200,000 households are now living in shared ownership homes.
Commenting on the move, Trussle CEO and founder said: “Our research shows that more than half (58 per cent) of people aged between 18 and 34 are still living with their parents, highlighting the financial struggles they face as they attempt to step a foot on the property ladder.
“At Trussle, we’re fighting for fairer mortgages to make home ownership accessible across the board. That’s why we’ve taken the decision to open our door to shared ownership applicants, to help more young people buy their first home, as well as help growing families, downsizers, divorcees and people moving regions for work, into affordable homes.”
Through its partnership with 90 lender and its customer operations team of over 60, Trussle has access to more than 150 shared ownership mortgage products.
Trussle mortgage expert Dilpreet Bhagrath added: “The reality in today’s housing market is that many renters are unable to save enough for a deposit to buy their own home due to steep rental payments and living costs. With average house prices nearly eight times the average UK wage, it's clear to see how many people struggle to get onto the property ladder.
“Shared ownership could offer a route into home ownership more quickly than buying a home outright. While there are still rental payments due on the share of the property that you don’t own, it’s possible to build equity in the property right up until you own one hundred per cent of the home.”
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