Searching for a Mortgage Buddy is easy: you'll be able to find the right person to share a mortgage with by examining their detailed profile. You can search by:
- Amount of deposit you are looking for
- Location you want to buy in
- Pets/No Pets
- Smoking/No Smoking
- Children/No Children
In a Member's profile you will be able to read about their interests, hobbies, what they do for work, hours they work and properties they like. All of this will help you get to know the Member and decide whether they'd make a good Mortgage Buddy for you. If you think they make a good match then you can chat with them through our secure messaging system.
We have made the homebuying process as easy as Sign Up, Buddy Up, Move In.
If you have any queries about Share a Mortgage, just call 0207 112 5388.
As a Member, you can:
- Free to join- NO MONTHLY FEES
- Chat to other home buyers like you
- Access to mortgage affordability tools
-
Full home buying service (Inc Solicitors)
- Protected with our legal support
How to contact Mortgage Buddies
Share a Mortgage has a secure messaging system so you can chat to other Members. You can send messages to other Members to find out more about them.
There is a property forum where you can talk about property issues. Buying a home may seem complicated, so use the property forum to ask questions and get answers from other Members; and if they can't help, Share a Mortgage will point you in the right direction.
Creating a Mortgage Group
Where 2 to 4 Mortgage Buddies come together to buy a property, this is called a Mortgage Group. Mortgage Groups are shown in the search options so you can see open groups looking for Mortgage Buddies to join them.
If you have found 1 Mortgage Buddy and are looking for more Mortgage Buddies to join your own Mortgage Group, you can simply advertise your Mortgage Group and state what you are looking for.
Get your offer accepted
Once you have a complete Mortgage Group you can get your offer accepted on a property. You can list properties you find desirable in your profile; this will really help other Members see the types of property you like.
You can use Rightmove, Zoopla or any other property portal to start your search, but much like finding the right Mortgage Buddy, finding the right home to buy will take lots of viewings. You may then have to put in offers for perhaps 20 properties before you get an acceptance, but then again you may be lucky and be accepted on your very first offer!
You are buying as a Mortgage Group so make sure you can do viewings together. This is an exciting time, so enjoy it. House hunting might be something you never thought you would be doing before you came to Share a Mortgage.
Share a Mortgage can help through our advanced property search option. Call us on 0207 112 5388 to find out how we can help.
Mortgage Buddy Group complete, property found - now what?
That's great news!! Now you can use Share a Mortgage's independent Mortgage Advisers, Property Surveyors and Conveyancing Solicitors to handle the technical stuff for you. This is the part that worries most people, but you needn't worry. Our team have been doing this for years and will lead you through the conveyancing process, helping you jump any hurdles along the way to buying your home.
Read how Susan, a separated mum, pays £754 a month and owns her home
Susan separated from her husband and has £20,000 in savings and a job that pays £25,000 per year. She considers renting in Clapham Junction but the cost of rent and bills totals £1,300.
Susan decides to try Share a Mortgage, where she quickly finds Sarah who has also separated from her husband and has a three-year-old girl called Samantha. Sarah has £5,000 in savings and a job that pays £20,000 per year. Their joint deposit is £25,000 and their combined salaries total £45,000 for mortgage calculation purposes. They are approved for a mortgage of £202,500 which means they could buy a property worth £227,500.
After viewing some properties in the area, they decide they really get along and so agree to make an offer for a 3-bedroom flat in Clapham Junction costing £225,000.
With an 11% deposit of £25,000 they are approved for a mortgage for the other 89% at a rate of 4.3% APR over 25 years and the monthly payments are £1,107 (Natwest Bank – 2 Year Fixed Rate*). They add this to the bills (council tax, utilities, insurances), which are £400 per month; so in total it costs £1,507.
Susan and Sarah agree to split the mortgage repayments and bills equally and both pay £754 per month; this is a massive saving for Susan.
When they sell the property 3 years later, they receive £240,000**. Susan takes 80% of the increase because her original deposit was 80% of the total deposit. This means her share wis £12,000 of the £15,000 increase plus her original deposit of £20,000. Susan now has £27,000 and is moving in with her new boyfriend Michael.
Join Share a Mortgage - email us with any queries at help@shareamortgage.com
