Mortgage guides

The maximum amount you can borrow depends on the size of your deposit and the amount of rental income you expect to make. Lenders typically require the rental income to be 25-30% higher than your mortgage amount, so that there's less risk of you being unable to cover your payments.

Use our buy to let mortgage calculator to calculate an estimate of how much you could borrow based on your expected rental income.

BTL mortgages can be more expensive than residential mortgages. Lenders require larger deposits as they see view buy to let mortgages as being riskier because the loan is based on potential rental income rather than your personal income.

Interest rates are often higher, which can make your monthly payments more expensive. You also face additional costs as a landlord, such as letting agent fees and higher taxes.

Our specialist brokers can help you consider all the costs involved in taking out a buy to let mortgage so you can make the most informed decisions for your investment.

As well as interest rates, it's important to compare the different fees charged on buy to let mortgage deals, as they can increase your overall costs. These include but aren't limited to:

• Arrangement fees - charged for setting up the mortgage, either as a fixed amount or a percentage of the loan
• Valuation fees - a fee for the lender to assess the property's value to determine how much they're willing to lend
• Legal fees - solicitors or conveyancers charge these for handling the legal aspects of the property purchase

Our expert brokers are well-versed in calculating the overall cost of taking out a BTL mortgage, helping you find the best deal for your budget.

What taxes do I need to consider before getting a BTL mortgage?

Before getting a buy to let mortgage, it's crucial you understand the tax implications of getting a buy to let mortgage, as they can significantly impact the overall costs of your investment.

Stamp Duty Land Tax (SDLT)

SDLT is a tax you pay when you buy a property. It increases depending on the value of your property. The same applies when you use a buy to let mortgage to purchase an investment property, but with an additional 3% increase.

You and your spouse are considered a single 'unit', so you can't avoid paying the additional 3% by having your spouse buy the second property in their name.

Income tax

The income you earn from your rental property is taxable. The amount of income tax you must pay depends on the amount of rental income you earn, the tax bracket you fall into and any allowable expenses you can deduct.

You should get professional tax advice before taking out a BTL mortgage. Ideally, you should consult a property tax specialist with experience advising landlords.

Yes, you need a BTL mortgage for renting. You'll breach the terms of your residential mortgage if you rent it out unless you get the lender's consent. You can only rent a property without a buy to let mortgage or the lender's consent if you own the property outright.

Yes, first-time buyers can get a BTL mortgage. But you should expect higher rates, a larger deposit and stricter lending criteria. You also won't qualify for first-time-buyer stamp duty land tax (SDLT) relief, as you won't be living in your first property.

Purchasing a buy to let as a first-time buyer could also make it more difficult for you to get a residential mortgage when you buy your first home, as lenders will assess any debt you have outstanding on your BTL mortgage for your application. You'll also have to pay the full second (SDLT) surcharge.

If you're a first-time buyer, our expert brokers can help you understand your options and meet lender criteria should you decide to go ahead.

Yes, you can switch your mortgage to buy to let. It's crucial you do this before renting out a property on which you have a residential mortgage. You would breach your mortgage agreement if you didn't, which could put you at risk of having your property repossessed.

Alternatively, you could ask your lender for their consent to let, which they might agree to for a set period of 6-12 months. This can be a good short-term solution, especially if you might want to use the property for residential purposes again in the future.

The first step is to speak with your current lender to see if they offer a BTL mortgage product. If they do and you want to pursue this option, they'll conduct similar affordability assessments to the ones they'd use for a normal buy to let application. If they don't offer BTL mortgages or you don't like the terms they offer, you'd need to remortgage with another lender.

Whether you're staying with your current lender or switching to a new one, our expert mortgage advisors can help you secure a favourable deal.

Getting a limited company buy to let mortgage might be more suitable for you if you're in a higher income tax bracket, as corporation tax rates could be lower at 25%. However, few lenders offer limited company BTL mortgages, and they typically set higher interest rates and fees.

There are many other considerations regarding whether it would be more beneficial for you to get a buy to let mortgage as a limited company or a personal landlord. Our experts can help you understand your options given your unique circumstances. It's worth consulting with tax professionals as well.

The equity in your home is the amount that you own outright – the deposit you paid plus all your contributions in the meantime. If your home is worth £350,000 and you have £200,000 left to pay, you have £150,000 worth of equity in your home. When you remortgage, you may be able to take some of this money as part of your new deal. As you're borrowing more money, it will likely increase your monthly payments.

Yes, you could put some of the equity in your property towards a deposit for another purchase. You may need a buy-to-let mortgage if you're investing in property or you might be looking for a second home for business or lifestyle reasons.

You'll need to instruct a conveyancing solicitor if you're remortgaging and changing lenders or if you're adding someone to the mortgage (or removing someone). In these instances, the same paperwork and legal hurdles are in place as when you buy a home. If you're sticking with your current lender, it's classed as a product transfer and there's much less paperwork. As such, you wouldn't need a solicitor.

• Product fee: This may be referred to as the arrangement fee or application fee – or whatever name a lender decides to put to it. This essentially covers the work the lender needs to do to set up your new mortgage. It can be paid upfront or added to the mortgage amount and paid off over time, which adds interest.
• Conveyancing fee: If you're switching mortgage providers or altering your terms in another way, you may need to factor in solicitor costs.
• Early redemption charge: If you're getting out of your current deal before its fixed term is over, an ERC will likely be charged as a percentage of the amount you still owe. Your lender may also apply a fixed exit fee on top of this. If you're setting up a new mortgage deal ahead of your fixed term ending, it's important to know exactly when the end date is and share this with your solicitor so you avoid paying unnecessary fees.
• Deeds release fee: This fee is paid if you're changing your mortgage to a new lender. It covers your previous provider forwarding the property's title deeds to your solicitor. It's worth speaking to your current provider about this, as it's not charged by all lenders.
• Remortgage broker fee: If you use a broker to try to find the best remortgage deal, they may charge a fee for their services. At Alexander Hall, we don't charge anything for remortgage advice. We charge a typical fee of £499, payable on application, for standard residential mortgage contracts.

Bad credit is not necessarily a barrier to getting a remortgage, although it may change your options if your financial circumstances have worsened since your last application. You might find that a product transfer with your current lender is not available, or you have to agree a deal on less favourable terms than your existing one.

In just about all instances, you wouldn't need to pay any kind of deposit when you remortgage. Your loan-to-value ratio will be calculated using your home's value and the remaining amount on your mortgage - or the amount you're borrowing if you plan to release equity.

Remortgaging is often an easier process than taking out a mortgage on a new home, and the timescale for completion is generally more predictable. Checking for deals well in advance of your fixed term ending, being clear about your plans to withdraw equity and organising financial documents can all help smooth the process further.

Understanding your property's estimated value can help you get the best possible deal when looking to remortgage – especially if your home has increased in value since you bought it. You can use online checkers for a rough estimate or ask an estate agent to value your home, which they will usually do for free.

It's easy to navigate the mortgage process when you have a broker that really understands your situation and budget. We'll pull together all the information you need, spending time with you to get everything just perfect.

• What are your plans for the future?
• What type of job do you do?
• What's your income and pay structure?
• What are your family circumstances?

We'll then research the mortgage rates on offer and look at the market to provide you with clear, relevant information you can use with confidence.

That way, when you're ready to make a decision, you can do so knowing that you've got all the facts.

Our mortgage advisers work closely with you to save you time and give you the very best chance of a successful application.

During the application process, we'll:

• Talk you through all your options with a free consultation
• Recommend the right mortgage for your situation
• Check how much you can afford to borrow
• Help you to gather the information and documents you need for your application
• Help you prepare your application for submission
• Submit your application to the lender
• Liaise with the lender, solicitors and estate agents.

Once your mortgage has been offered, we'll support you all the way through to completion.

We'll work hard to build a lasting relationship with you.

So you'll always have someone you trust to help with any queries or requirements in the future.

We want to make buying a property as simple as possible. The process may sound complex, but we take away all the stress and manage all the paperwork for you.

Here's an overview of what happens:

• First, we'll work with you to set your mortgage budget
• You start the exciting bit ‐ viewing properties
• We help you make and secure an offer on the place you want
• You instruct a solicitor to handle the legal side of things
• We finalise and submit your mortgage application to your chosen lender
• They will survey the property to make sure the mortgage you want is reasonable
• Once they are happy with the valuation, they'll make you an official mortgage offer
• Your solicitor completes the legal process so you can exchange contracts and pay your deposit

That's it! The home is now yours and it's time to collect the keys.

Getting a mortgage is important, but it doesn't have to be complicated. We'll handle every step for you, deal with all the paperwork and take away all the hassle. Here's a quick overview of how the process works and how we will help you:

• We'll talk to you in detail about your situation and budget to work out the maximum you can borrow. This will help make sure you're looking for properties in the right price bracket.
• We'll explain all the documentation we'll need to put together to support your application.
• Once you've found a property, we'll find your ideal mortgage and manage the application process for you. We'll make it as simple as possible.
• The lender then carries out a survey to assess the property, and their underwriter will review it all to confirm it's affordable for you. This might include asking for a reference from your employer or accountant
• Once the lender's happy with all the checks, they'll make a formal mortgage offer. Then we'll help you complete the legal details and exchange contracts with the seller. We'll be there to talk you through every single piece of paper so you don't need to worry about a thing.

Want more detail about the process?

Moving from a home you already own isn’t much different from buying your first property. There are just a few extra things to think about, and we can help you with it all.

You might want to keep it really simple, selling where you live and buying your next place. Or you might prefer to keep your existing home and rent it out, which is known as ‘ let to buy’. This could be a one-off investment, or an exciting step towards having a property portfolio. Whatever your plan, we can give you easy-to-understand, hassle-free advice about your options.

New build normally means it either hasn't been built yet, or it's been completed but never sold or occupied (including show homes).

Many mortgage lenders also count new builds as:

• any conversion (such as a townhouse into flats)
• a substantially renovated or extended property
• homes built in the last couple of years

New builds are a popular choice, particular for first-time buyers. Many housing associations offer you the option of shared ownership.

This means buying a property based on the specifications, but before it's built. It can take up to 12 months ‐ sometimes longer ‐ for an off‐plan property to be finished and ready for you to move in.

When buying at this very early stage, it's a good idea to ask your developer when you'd be expected to complete. This is because you might want your mortgage lender to extend or renew their offer, sometimes more than once. You can end up paying multiple additional fees for re‐valuation.

When you're buying off‐plan, it's a good idea to speak to your mortgage broker to find out what to ask your developer. We can advise you on everything you need.

Many mortgage offers are valid for six months. Some lenders' timescales are longer, and others will offer allowances for extending mortgage offers, as long as your circumstances don't change.

After a certain period, your lender may ask their surveyor to conduct a re‐inspection or re‐valuation of your property. This confirms that the property's expected value is still in line with the amount you need to borrow.

We give you exclusive access to special new build services from some lenders. These can streamline the whole buying process and improve the likelihood of a successful purchase. They can be particularly helpful when your estimated completion date is far in the future. Give us a call to find out more. We're always happy to help.

Normally the value of a property can be assessed by looking at how much previous owners bought it for. This sort of information isn't available for a new build though, particularly if it's in an undeveloped area such as a new suburb.

To increase their security, some lenders will limit the maximum loan to value (LTV) they offer for new build properties. In some cases, additional limitations will also apply if you're buying a flat. This means that to secure a mortgage in these cases, most lenders will need a larger deposit.

We give you comprehensive access to lenders who will offer you a mortgage on a new build property and those who accept smaller deposits.

Get in touch and we can talk you through it all.

In basic terms, this is where one person agrees to buy a property off‐plan, but sells it on before completing. If we talk about Buyer A and Buyer B, this is how it works:

• Buyer A exchanges contracts and puts down a deposit.
• Before completing they agree to sell to Buyer B, typically at a higher price.
• Buyer A “reassigns” the contract to Buyer B.
• Buyer B now has the rights to complete the transaction.

If you buy a property on a reassigned contract you could end up paying less that the latest market price. For example, the original buyer could pay £275k, and the property could go up in value to £350k before they decided to sell on the contract. To make a quick sale, they could offer it to you for £325k, so you both get a good deal.

You also don't have the long completion date often associated with off‐plan purchases, but it does come with additional risks. Many lenders won't offer a mortgage based on contract reassignment, so it's important to seek detailed legal advice from your solicitor and discuss it with your mortgage adviser.

We give you access to a number of lenders happy to consider contract reassignment purchases, with some limitations. If you want to take this route, feel free to give us a call and talk it through. It's important we know all the details of your purchase, so we can make sure you get the best advice for your particular circumstances.

New build developments are an attractive option if you're overseas and want investment property in the UK.

We give you access to lenders who'll consider applications from non‐UK citizens and UK ex‐pats for both standard off‐plan purchases and contract reassignments.

If you need to transfer funds to the UK, we recommend our currency exchange partner. Just call us for more details ‐ we're always happy to talk things through.

If you're a first-time buyer, a Shared Ownership scheme is another useful option. This is how it works:

• You buy a share of between 25% and 75% of your new home.
• You pay a subsidised rent on the remaining share to the housing association or housing authority, along with a monthly service charge.

The share you can purchase will depend on the vendor, what you can afford and the eligibility criteria.

Who is eligible?

This can vary slightly between different housing associations. However, shared ownership is normally only available if you're a first-time buyer. Some housing associations also consider non-first time buyers in certain circumstances. This could be if you're buying your first property alone after a divorce or family breakdown.

Other exceptions will depend upon the housing association's individual terms. Many housing associations require buyers to be UK/EU/EEA citizens while others will consider non-UK citizens, subject to visa status.

Staircasing

This means buying additional shares in a Shared Ownership property. You can do this at any time, normally at a minimum of a further 10% share each time. The housing association instructs an RICS surveyor to conduct the valuation and normally as you are the applicant, you pay the valuation fee. The current market value will dictate the price you pay.

Stamp Duty Land Tax (SDLT)

When you buy a share in a property, you're liable to pay Stamp Duty Land Tax (SDLT).

You can pay it in two ways:

A one-off payment.

This is based on the total market value of the property at the time of the original purchase. This is known as making a ‘market value election’.

In stages.

You may make your first payment on the price you pay for the lease, but only if it's above the SDLT threshold. Once you increase your share of the property to 80%, you then must pay on both the transaction that took you over that percentage, and any further transactions.

If you're purchasing a Shared Ownership property, ask your solicitor for advice on which SDLT payment option is best for you.

We give you access to a number of lenders who'll consider a shared ownership application. Currently, the minimum deposit required is just 5% of the property's full market value.

See our stamp duty calculator

What government schemes are available to help me buy my home?

Over the years, the government has introduced a number of different schemes to help. They are designed to make it easier to own your own home, at a time when property prices are rising faster than many people's incomes.

The two main schemes currently available are Shared Ownership, which involves a housing association or housing authority, and the government's scheme.

There's a common myth that the self-employed find it hard to get a mortgage. While the options will vary, there are a number of competitive solutions. To learn more, it's essential to talk to a knowledgeable mortgage adviser.

A number of lenders specialise in self-employed mortgages and have developed a range options that rely on different criteria.

• Lending against your most recent year's income, rather than an average of the last two or three years
• Lending against your company net profit - rather than just salary and dividends to reach a potentially more positive lending amount
• Consideration of your daily rate if you're a contractor.

Lenders will need to see specific documentation if you're self-employed. This will depend on your circumstances and we can advise on exactly what it means for you. It's best to discuss this with us as soon as possible to give you enough time to pull everything together.

The type of self-employed role you have affects how a lender assesses your suitability. Here's a brief overview of the main considerations:

Most lenders ask for a minimum of two years' of your full trading accounts and personal HMRC tax overviews. They'll typically also take the average of either two or three years' of your net profit before tax.

Some lenders will consider an application if you have only one full trading year, though this depends on your circumstances. For example, have you have switched from employed to self-employed in the same line of work?

In addition to tax overviews, you'll need to provide bank statements showing your trading income. If you use a separate account for business transactions, you'll need to be able to show these account statements to your lender.

A lender may class you as employed, but normally only if your share in the company is small. The threshold varies from 5% upwards, but if it's 20% or more, most lenders will consider you as self-employed.

The lender will usually require additional documentation to show that the business is solvent, and some will take into account your share of profits, in addition to your salary and any dividends.

While contractors are typically company directors, many lenders acknowledge the fact that these arrangements are not the same as a corporate company director. This is reflected in their tailored affordability assessments.

Some lenders will assess contractors using the same affordability assessment as any other company director. However, where this limits the borrowing capacity, there are other options available. The lender can undertake an affordability assessment as if you're employed and reference the gross contract daily rate as income. This will be subject to certain conditions, including history and continuity of contracts.

Lenders take a range of approaches to assess income and affordability for partners in firms. The options available to you will depend on a number of factors. These include the particular structure of pay, the percentage equity holding in your partnership and the size and nature of the partnership itself.

There are tailored options available for partners of different sized firms, ranging from small local businesses to large multi-national firms. You'll need your compensation/drawings/reward statements for the latest year. Ideally, you should have details of the previous one to two years too. You will also need to show details of how you structure your remuneration within the partnership. Lenders may ask for a reference from a senior or managing partner in the business, depending on the circumstances.

A new build mortgage is a specialist residential mortgage designed specifically for new build homes. Lenders typically define a property as a new build if it's been built, converted or renovated within the past two years, although their exact criteria may vary.

Securing a mortgage for a new build home is similar to obtaining one for an older property. The application is based on factors like your income, credit history and the value of the home you wish to purchase. Once you meet the lender's criteria, they'll provide an offer.

That said, new build mortgages come with unique features tailored to the process of buying a newly constructed home. The lending criteria tend to be stricter, meaning you'll likely need to save up a larger deposit.

These mortgages are designed to align with the unique timelines and payment structures of new builds. Unlike traditional mortgages, you'll often secure your mortgage offer in advance, ensuring it's ready to match the developer's schedule, even before the home is fully built.

At Alexander Hall, we understand the intricacies of new build mortgages and are here to guide you every step of the way, helping you secure the right solution to bring your dream home to life.

When buying a new build property, you'll typically need at least a 10% deposit. However, putting down a larger deposit can unlock access to better mortgage rates, helping you secure a more favourable deal.

Lenders typically require a bigger deposit for mortgages on new builds compared to older properties. This is because they want to safeguard against the possibility of the property's value decreasing in the early years. For new build flats, the deposit requirement may be even higher, as flat prices can be more unpredictable.

When it comes to securing a mortgage for a new build, timing is critical. Once you've reserved your home, you'll typically have just 28 days to exchange contracts. This short window means you need to act quickly to get your mortgage in place. Some lenders may require additional time to process your application, so starting as soon as possible is key to keeping things on track and avoiding unnecessary delays.

Our expert new build mortgage brokers are here to help you get everything in place efficiently. By starting early and working with us, you can feel confident that your plans will stay on track, so you can focus on the excitement of your new home.

Getting a mortgage for a new build can feel overwhelming, especially with the unique challenges these properties often present. Lenders often have stricter criteria, reflecting the unique nature of purchasing a property yet to be completed, which can make the process seem complex and limiting.

While you can navigate the process on your own, working with our specialist new build mortgage brokers can make all the difference.

At Alexander Hall, we're here to guide you every step of the way. Our deep expertise in the market means we understand the unique challenges involved with new build mortgages and can help you navigate them with confidence. We can leverage our relationships to connect you to a wide range of lenders and deals you wouldn't have access to otherwise.

Our mission is to make the process simple, transparent and stress-free, so you can feel confident about your choices and focus on achieving your dream of owning a new build home.

1. Understanding your needs

   
   We start by getting to know your goals, budget and aspirations for your new build home. This ensures we're perfectly positioned to guide you toward the mortgage options tailored to your situation.

2. Getting a Decision in Principle

   
   We help you secure a Decision in Principle (DIP), giving you clarity on how much you could borrow. Having this in place helps show developers and lenders you're a serious buyer, making the process smoother.

3. Securing your new build home

   
   When you've found your dream new build property, we guide you through reserving it with the developer. We're here to make the process stress-free, helping you meet any requirements or conditions along the way.

4. Making your application

   
   With your new build secured, we use our expertise and market knowledge to find the perfect mortgage deal for you. We then manage the entire application process on your behalf, so you can focus on preparing for your new home.

5. Assisting with lender checks

   
   Your lender will review your application and conduct a valuation of the property. We'll take care of any extra information or documents they might need, ensuring everything progresses smoothly.

6. Receiving your offer

   
   Once your lender is happy, you'll receive a formal mortgage offer for your reserved new build. At this point, we'll guide you through the final steps, making sure all the legal details are handled seamlessly.

7. Completing on your dream home

   
   When everything is in place, it's time to collect the keys to your dream home. We'll be on hand to ensure the mortgage completion process is as smooth as possible, so you can start enjoying your new build home with confidence.

With decades of expertise in the mortgage market, our specialist advisors are here to help you secure the best deal for your dream new build home. Here's why so many people turn to Alexander Hall for support:

1. Impartial advice: Your goals come first. We provide guidance tailored to your needs, not the lenders', so you can make decisions with confidence.
2. Extensive network: With access to 100+ lenders, including specialists in mortgages for new builds, we'll find the best options to help you secure your dream home.
3. Simplified process: We know how complex new build mortgages can be. That's why we take care of the details, making the process smooth and stress-free for you.
4. Exceptional service: Thousands of happy customers rate us 'Excellent' on Trustpilot because we deliver on our promise – giving you the highest level of service every step of the way.
5. Award-winning expertise: With a history of recognition, including Best Broker for Customer Service in the 2024 Legal & General Mortgage Club Awards, we're proud to be trusted by countless home buyers like you.

Securing a mortgage on new builds can feel harder because lenders often have stricter criteria. For instance, you may need a larger deposit. However, every lender is different and their requirements can vary.

With guidance from our expert brokers, navigating the complexities of new build mortgages becomes much easier. You can trust us to provide the advice and support you need to move forward with confidence.

Yes, you can. With the Deposit Unlock scheme, it's possible to access a 95% loan-to-value (LTV) mortgage, making it easier for first-time buyers to purchase a new build home with just a 5% deposit.

While options are limited to participating housebuilders and lenders, our brokers are here to guide you through the process and help you make your choice with confidence.

You'll begin paying your new build mortgage once the purchase is complete, just like with an older property. Don't worry, we'll guide you through every step to make sure you feel confident and informed throughout the process.

A shared ownership mortgage is a special type of mortgage that provides a middle ground between buying and renting.

You buy a share of between 25-75% of a property from a housing association or housebuilder and pay a subsidised rent on the remaining share, as well as a monthly service charge. This allows you to take out a smaller mortgage, with a lower deposit and reduced mortgage repayments each month.

Taking out a shared ownership mortgage could help you either get on the property ladder if options on the open market are outside your budget or purchase a property in a more expensive location.

Shared ownership mortgages work slightly differently from standard mortgages. There are several points to consider, including the following:

• The deposit is based on the share you're buying, rather than the full market price of the property.
• You can typically use a process called 'staircasing' to gradually increase your level of ownership when your circumstances allow.
• You enter into an agreement with a landlord as well as a mortgage provider, which can mean restrictions on what you can do to the property.
• As the mortgage holder, you must live in the property and can't rent it out fully or partially.
• When it comes to selling a property you partially own, the housing association will have the right to find its own buyer. If you have bought 100% of the property, the association typically has the first right of refusal for 21 years.

This type of mortgage isn't for everyone, so it's crucial you fully understand all the implications before going ahead. Our expert shared ownership mortgage brokers can explain all the details and help you find the best option for your unique situation.

You might be eligible for a shared ownership mortgage if your household income is less than £80,000 per year (£90,000 per year if you live in London) and you can't afford all the payments for a home that meets your needs.

Additionally, one of the following statements must be true:

• You're a first-time buyer
• You're a previous homeowner who can't afford a mortgage now
• You're an existing shared owner who wants to move
• You're a homeowner who wants to move but can't afford to buy a suitable new home
• You're establishing a new household – for example, after splitting up with a partner

As with other mortgages, you'll need to pass affordability and credit checks. Some housing associations might set additional criteria, such as that you live or work in the area where you want to buy a property.

Get in touch with our shared ownership mortgage advisors if you'd like help understanding if you're eligible.

Shared ownership mortgages are more complicated than standard mortgages. Many lenders that provide shared ownership mortgages prefer to work with trusted intermediaries, rather than dealing with applicants directly. It's challenging to understand whether you're eligible and calculate what you can afford. Furthermore, finding and comparing different mortgage deals is time-consuming, adding pressure to your already-busy schedule.

While you may be able to secure one on your own, it's a smart move to work with our specialist brokers instead. We have access to all the lenders in this market and our advisors have a wealth of experience, which lets us provide you with expert guidance and remove the stress from the entire process.

1. Understanding your situation

   
   First, you talk with our advisors about your circumstances, including your needs and budget. We help you understand if you're eligible and consider all your options.

2. Gathering documentation

   
   We let you know what information you need to support your shared ownership mortgage application and help you prepare all the paperwork.

3. Getting an agreement in principle

   
   This is a quote for the amount you could borrow from a lender, which can streamline the house-viewing process by showing estate agents you're a serious buyer.

4. Making your application

   
   Once you've found a property you want to buy a share of, we use our network to find the best mortgage deals for you. After you choose your preferred deal, we manage the entire application process for you, so you can relax and focus on your daily life.

5. Receiving your offer

   
   When the lender is happy with their checks, we help you complete all the final paperwork. All you have to think about is picking up the keys to your new home.

Not every lender offers shared ownership mortgages. However, there's a reasonable number of high-street banks and specialist mortgage providers that offer them, including:

• Accord Mortgages
• Barclays
• Halifax
• HSBC
• Leeds Building Society
• Lloyds
• Nationwide
• NatWest
• Newbury Building Society
• Santander
• Skipton Building Society
• TSB
• Virgin Money

Our experienced mortgage advisors can recommend which lenders are best suited to your needs and help you secure the best deals on a shared ownership mortgage.

The amount you can afford to borrow for a shared ownership mortgage depends on a variety of factors, including:

• The property value
• The mortgage period
• Your deposit
• Your share of the property
• Your household income

The minimum share usually starts from 25% of the property value and most lenders require a minimum deposit of 5-10% of the share you're purchasing.

Speak to our expert mortgage advisors for an estimate of how much you could borrow on a shared ownership mortgage.

Yes, shared ownership mortgage rates tend to be slightly higher than standard mortgages. There are fewer lenders offering this type of mortgage and therefore less competition, which means interest rates can be a bit higher. As with all mortgages, putting down a larger deposit can let you access better rates.

Our mortgage brokers can leverage our network to find you the best shared ownership deals and give you impartial advice on how much of a deposit you should put down given your situation.

Yes, you can remortgage a shared ownership property – for example, if you want to release equity or simply a better deal. However, you'll likely have fewer options because fewer lenders offer shared ownership mortgages.

Our specialist mortgage brokers can help you find the right option depending on your unique circumstances and navigate the process of remortgaging your shared ownership property.

You're liable to pay SDLT when you buy a share in a property, and you can pay it in two ways:

1. A one-off payment:

   The amount you pay is based on the total market value of the property at the time of the original purchase, which is known as making a 'market value election'.

2. In stages:

   You may make your first payment on the price you pay for the lease if it's above the SDLT threshold. If you increase your share of the property to 80%, you must pay SDLT on the transaction that took you over that percentage and any additional transactions.?

Speak to our expert advisors or use our stamp duty calculator for an estimate of how much you'd need to pay and ask your solicitor for advice on which payment option is best for you.

Staircasing means buying additional shares in a shared ownership property, which you can do at any time. It's normally required that you buy a further 10% share as a minimum.

When you tell the housing association you wish to buy an additional share of the property, it instructs an RICS surveyor to conduct a valuation. As the applicant, you can expect to pay the valuation fee. The current market value will dictate the price you pay for the extra share.