Help to Buy & Shared Ownership Mortgage Advice in Norwich & Norfolk
At Humble Mortgages, we provide expert mortgage advice for Help to Buy and Shared Ownership properties across Norwich, Norfolk and the surrounding areas. We help first-time buyers and existing homeowners understand their options, assess affordability and navigate the mortgage process with confidence.
Whether you’re looking to purchase a share of a property through Shared Ownership, considering a home purchased through a government scheme or simply exploring alternative ways to buy, we’ll provide clear and straightforward mortgage advice tailored to your circumstances.
As a dedicated mortgage adviser, we’ll explain how these schemes work, help you understand the costs involved and guide you from your initial enquiry through to completion.
The Humble Mortgages Way
Buying through Shared Ownership or a government-backed scheme can involve additional considerations compared with a standard residential mortgage. Understanding the rules, costs and lender requirements is important before making a decision.
At Humble Mortgages, we provide a personal service designed around your individual circumstances and homeownership goals.
Our aim is to make the process simple, helping you understand whether Help to Buy or Shared Ownership could be the right route towards owning your home.
Personal one-to-one mortgage advice
Receive tailored mortgage advice based on your circumstances, financial goals and homeownership plans. We’ll take the time to understand your situation and explain whether Help to Buy alternatives or Shared Ownership could be suitable for you.
Support throughout your mortgage application
From your initial enquiry through to completion, we’ll guide you through each stage of the mortgage process. We’ll help prepare your application, explain requirements and support you through to becoming a homeowner.
Flexible appointments to fit around your schedule
We understand that buying a home can be stressful alongside work and family commitments. That’s why we offer flexible appointment options to make accessing mortgage advice as convenient as possible.
Honest and transparent recommendations
We’ll provide clear advice based on your circumstances, explaining the benefits, costs and considerations of each option so you can make an informed decision with confidence.
Clear Explanations Without Technical Jargon
Affordable home ownership schemes can involve unfamiliar terms and processes. We’ll explain everything in straightforward language, ensuring you understand your mortgage and ownership options.
Local Knowledge of the Norwich and Norfolk Property Market
As a Norwich-based mortgage adviser, we understand the local property market and support buyers across Norfolk looking to take their first steps onto the property ladder.
Affordability assessments based on your circumstances
We’ll review your income, expenditure and financial commitments to understand what you can realistically afford, helping you search for properties that match your budget.
What Is Shared Ownership ?
Shared Ownership is a way of buying a property where you purchase a percentage of the home and pay rent on the remaining share owned by a housing association.
Instead of needing to buy the entire property, you purchase an initial share, which is usually between 25% and 75%, although this can vary depending on the property and scheme.
You will normally:
- Buy a share of the property using a mortgage and deposit
- Pay rent on the remaining share
- Have the option to buy additional shares in the future (known as staircasing)
Shared Ownership can make homeownership more accessible by reducing the amount you need to borrow compared with purchasing a property outright.
What Happened to Help to Buy?
The Help to Buy Equity Loan scheme closed to new applicants in England in 2022.
However, many people still search for Help to Buy mortgages, and there are other options available that may help buyers get onto the property ladder, including:
- Shared Ownership
- Low deposit mortgages
- First-time buyer mortgage products
- Family support options
- Other government-supported schemes where available
At Humble Mortgages, we’ll help you understand the options currently available and find a mortgage solution suited to your circumstances.
Who Are Shared Ownership Mortgages Suitable For?
These options may be suitable for:
- First-time buyers struggling to save a large deposit
- Buyers looking for a more affordable route onto the property ladder
- Those with steady income but limited savings
- People wanting to purchase a new build property
- Existing homeowners with specific housing needs (subject to scheme criteria)
Eligibility requirements vary depending on the scheme, lender and your personal circumstances.
What Documents Will You Need?
Preparing your documents early can help make your mortgage application smoother and reduce delays.
Depending on your circumstances, lenders may request:
Proof of Identity
- Passport
- Driving Licence
Proof of Address
- Utility bills
- Council Tax statement
- Bank statement
Income
Employed applicants:
- Last 3 payslips
- Latest P60
Self-employed applicants:
- SA302s
- Tax Year Overviews
- Business accounts
Bank Statements
Usually the last three months.
Deposit Evidence
Including savings statements or gifted deposit documentation where applicable.
Shared Ownership Property Information
Employed applicants:
- Details of the housing association
- Property details
- Purchase share percentage
- Monthly rent and service charge information
Credit Report
Requesting a credit report from you will save time and confirm your exact credit position. When we secure an agreement in principle the lender will complete a soft credit check against you. On submission of your full mortgage application a hard credit search is completed. By requesting a credit report from you we will be able see what the banks see when they complete a credit check. This helps us to place you with the right lender first time and speed up the assessment process.
The Shared Ownership Mortgage Process
Step 1 – Initial Consultation
We’ll discuss your circumstances, your goals and whether Shared Ownership or another route may be suitable.
Step 2 – Affordability Assessment
We’ll review your income, expenditure and borrowing potential.
Step 3 – Agreement in Principle
We’ll help establish how much you may be able to borrow.
Step 4 – Find a Suitable Property
Once you understand your budget, you can begin your property search.
Step 5 – Mortgage Application
We’ll prepare and submit your mortgage application.
Step 6 – Mortgage Offer
Once approved, your lender issues the mortgage offer.
Already Have a Help to Buy Equity Loan?
If you already purchased your home using the Help to Buy Equity Loan scheme, you may be approaching an important milestone.
The equity loan is interest-free for the first five years. From the start of year six, interest charges begin and continue to increase over time, making it worth reviewing your options before the costs rise further.
At Humble Mortgages, we can help you:
- Remortgage to repay your Help to Buy equity loan.
- Borrow additional funds to buy out the government's share.
- Understand the costs involved and whether repaying now is the right option.
- Find the most suitable mortgage for your circumstances.
If you’re buying your first home or looking to repay your existing Help to Buy loan, Humble Mortgages will help you understand the options available and find a mortgage solution tailored to your needs.
Why Local Shared Ownership Advice Matters
Based in Norwich, Humble Mortgages supports buyers throughout Norfolk looking to purchase through Shared Ownership and other affordable home ownership options.
- Norwich
- Wymondham
- Dereham
- Attleborough
- Aylsham
- North Walsham
- Cromer
- Sheringham
- Great Yarmouth
- Diss
- Swaffham
- Fakenham
- Taverham
- Drayton
- Costessey
- Hethersett
Are you a first-time buyer or looking for a more affordable way to purchase a home? We’re here to help.
Speak to Humble Mortgages Today
If you’re exploring Shared Ownership or looking for ways to make buying a home more achievable, Humble Mortgages can help.
Based in Norwich and supporting clients throughout Norfolk, we provide clear, honest and personalised mortgage advice to help you understand your options and move forward with confidence.
Contact Humble Mortgages today to arrange your mortgage consultation.
Frequently Asked Questions
Is Help to Buy still available?
The Help to Buy Equity Loan scheme in England closed to new applicants in 2022. Other options, including Shared Ownership, may still be available.
What percentage of a Shared Ownership property can I buy?
This depends on the property and housing provider, but buyers usually purchase an initial share and can increase ownership over time.
Can I sell a Shared Ownership property?
Yes, although there are specific processes and requirements depending on your housing provider.
Do I need a deposit for Shared Ownership?
Yes. You will usually need a deposit based on the share you are purchasing.
Can I get a Shared Ownership mortgage if I'm self-employed?
Potentially yes. Many lenders consider self-employed applicants, although income evidence will be required.
Can I buy more shares in the future?
Yes. This is known as staircasing, allowing you to increase your ownership percentage over time.
