STRUGGLING TO GET INTO THE HOUSING MARKET?

What does Joint Home Ownership (JHO) of a home mean?

Joint Home Ownership means you are buying your house with someone else. So, instead of owning 100% of your home, you own a portion or percentage of the property depending on how much you can afford. You have a joint mortgage to service monthly and you agree between the parties what the repayments are between you all. This is in an agreement that “Joint Home Ownership Limited provide to all parties involved for you to have approved by your acting solicitors.

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How much deposit do I need for a Joint Home Ownership?

A deposit is required on most house purchases but as we introduce you to a passive partner your deposit can be put together from both parties combined but under some circumstances you may have good income but maybe short on a deposit here is where an investor can help to make the purchase work. Banks currently need a minimum of 5% up to 20% depending on your income, location of property and any remedial works needing to be done. So every case has it’s own merits. Our professional preferred brokers will get you the best mortgage available that fits your needs.

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What are the benefits of Joint Home Ownership?

There are many benefits to Joint Home Ownership such as; security of tenure, being on the property ladder, a smaller deposit, no time pressure to buy the entire property, lenders who specialise in lending for Joint Home Ownership, depending on location and price repayments can be at time less than having a mortgage by yourself. You have a joint partner for life introduced by Joint Home Ownership Limited (JHO) and at any time if all parties are in agreeance you can purchase another property with the equity you gained from the first one. You can also buy the other party out to be exclusive owner, pull equity out (if all agree) the benefits are positive for all parties.