Lending & Remortgaging
Shared ownership gives first time buyers and those that do not currently own a home the opportunity to purchase a share in a new build or resales property.
The purchaser pays a mortgage on the share that they own, and pays rent on the remaining share to Johnnie Johnson Housing (JJH). Because the purchaser only needs a mortgage for the share they are purchasing, the amount of money required for a deposit is usually a lot lower when compared to the amount that would be required when purchasing outright.
We are unable to provide mortgage advice however, these websites provide useful information that may help you determine if you are eligible for a mortgage and what products may be available to you.
For existing shared owners who are looking to re-mortgage please note that approval for this is required from JJH. Approval must be sought in writing and a copy of the mortgage offer needs to be provided. Please note that an administration fee will be payable for approval to re-mortgage. Please contact JJH on 0345 305 5335 for further help and advice.
Lease Extension
When you own a property that has a lease on it this ownership lasts only for a period of time or term of years. As the lease gets shorter and the number of years goes lower, the value of the lease decreases and it becomes more expensive when you extend the lease.
This is why it is often a good idea to increase the term of the lease especially if you want to sell the property. Sometimes it is difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on such properties.
For further information on extending your lease please contact JJH on 0345 305 5335 and we will be able to explain the process and that will be involved.
For further information, please contact our customer services team who will be more than happy to help.
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Leasehold & shared ownership explained
Understanding your Lease can sometimes be complicated so to help you understand some of these complexities, we have outlined some common Leasehold and Shared Ownership FAQs below.
Your agreement & lease
When opting for one of our ownership options, you will sign-up to a leasehold or rental agreement
Benefits & money advice
If you have any money worries or need support with your benefits, we can help. You may find the help you need on our website, or you can call our Customer Experience Team and ask for a callback from a member of our Money Advice Team.