Today’s Best Shared Ownership Mortgage Rates Compared

The government’s shared ownership scheme is a great way to get on the property ladder if you’re on a low income or only have a small deposit, but how do you make sure you’re getting the best mortgage rates?

In this article we’ll compare shared ownership mortgages, discuss how a broker can help you find the best deals and look at what you can expect to pay if you want to remortgage a shared ownership home.

First of all, the rates table below provides an illustration of some of the best interest rate offers currently available for shared ownership mortgages.

Please note that all rates cited in these tables are purely for example purposes, were accurate at the time of writing (April 2023) and can be subject to change at any time at the lender’s discretion.

What are the typical interest rates for a shared ownership mortgage?

Depending on your circumstances and the type of mortgage you go for, at the time of writing (April 2023) you could expect shared ownership mortgage rates from around 3.8% with LTVs of 75%, up to 4.5%+ for 90% LTVs. Rates may be higher if you have any complex requirements such as bad credit or self-employment.

You don’t need to apply for a special type of mortgage to finance a shared ownership property. You may find lenders referring to ‘shared ownership mortgages’ but this is to define the applicant’s circumstances rather than an exclusive mortgage type.

You will find though that not all lenders offer their standard mortgages to shared ownership buyers, and this reduced supply can sometimes push rates up very slightly.

How a broker can help you compare the best rates

While it is possible to research and compare shared ownership mortgages on your own, it makes a lot more sense to go through a broker who specialises in this type of mortgage.

For a start they will have access to the whole of the market, so not only can they look at mortgages from traditional high street lenders, but they will also have relationships with the more niche lenders that would otherwise be harder for you to find. As a shared ownership mortgage is non-standard, these specialist lenders may be a good fit for you.

If you’d like to speak with a mortgage broker who has the right experience in this area, get in touch with us and we’ll arrange for an advisor we work with to contact you straight away.

Best remortgage deals for shared ownership

At the time of writing, (April 2023), you could remortgage for 3.89% on a two-year discounted rate mortgage from Newcastle Building Society, 3.95% on a similar mortgage from Chorley Building Society or 3.99% on a five-year fixed mortgage from Santander. All of these examples are based on a 60% LTV and subject to product fees of £999.

One key question to consider is if you’re looking to remortgage simply to get a better deal, or if you want to remortgage and release additional equity at the same time. The latter would increase your LTV and could therefore be more expensive.

Remember that what you see when you compare shared ownership mortgage rates is only a ‘typical’ rate, and what you’re offered could vary. Let your broker research on your behalf for an accurate comparison.

Why Use Online Money Advisor?

If you’re ready to take the next step and start looking for a shared ownership mortgage, then it’s time to speak to a broker. They’ll do all of the hard work comparing rates and terms for you to make the whole mortgage application process as stress free as possible.

Give us a call now on 0808 189 0463 or make a quick online enquiry.

We’ll ask you a few questions to assess your situation and then match you with the broker that has the most relevant skills and experience for you. Our broker matching service is free of charge and you’re under no obligation, so you’ve got nothing to lose.