Secured loans on your shared ownership property from £5,000 to £100,000
Repayment terms from 36 months to 20 years
Rated 'Exceptional' by customers on feefo
Regulated by the Financial Conduct Authority
Did you purchase your property under the shared ownership property scheme? If so, and if you need to borrow money, you might be able to take out a shared ownership loan.
At Evolution Money, we offer secured shared ownership homeowner loans from £5,000 to £100,000 with repayment terms that are tailored to your circumstances. We may even be able to help if you have bad credit – and your initial application won’t impact your credit score.
Loans from £5,000 to £100,000
Terms over 3 to 20 years
Advice from a qualified adviser
Ready to apply? Check your eligibility for a shared ownership loan today and get the ball rolling.
How does a shared ownership loan work?
Here’s how to get a shared ownership loan from Evolution Money:
What is a shared ownership loan?
A shared ownership loan is a secured loan that’s suited to those who bought their home under the shared ownership scheme. It works like our homeowner loans and is secured against the equity you hold in the portion of the property that you own.
You’ll be assessed against our lending criteria and, if your application is approved, you’ll make monthly repayments – including interest on top – until you’ve repaid it in full, just like a typical secured loan agreement.
How does a shared ownership loan differ from other homeowner loans?
The loan is secured against the equity in your portion of the property, rather than the property as a whole. However, the entire home could still be at risk if you default on the loan.
The shared ownership structure remains intact; the loan is solely against your stake. But the risks are shared.
When would I need a shared ownership loan?
There are several reasons why you might need to take out a shared ownership loan. It may be that you need to access a large amount of money for repairs or renovations to your property. You might want to buy a big-ticket item like a family car, or maybe you want to borrow so you can consolidate your debts?
If either of these scenarios apply, a secured loan on your shared ownership property could be right for you. This is because you could be accepted even if you have a less-than-perfect credit history.
Can I apply for a shared ownership loan with bad credit?
We do consider applications from those who have poor or limited credit. Each application is assessed on a case-by-case basis, considering factors such as the amount of equity in your share of the property, your income and your credit history. While bad credit may impact the terms of the loan, it doesn’t automatically disqualify you from being eligible.
So, if you meet our criteria, apply today for a free personalised quote. There’s no obligation to go further.
What are the benefits of a shared home loan?
There are several advantages of taking out this type of loan:
Things to consider about shared ownership loans
Before you commit to a shared ownership secured loan, it’s important that you consider what’s involved:
Am I eligible to make a shared ownership loan application?
You could apply for a shared ownership loan if:
Why choose Evolution Money for your shared ownership secured loan?
If you want to borrow money for a large purchase or debt consolidation and your property is under a shared ownership scheme, a secured loan from Evolution Money could offer a solution. Here’s why you can come to us in confidence:
We’re trusted
We’ve already helped over 31,000 customers access funds to meet their needs. Take a look at our customer stories to learn how we’ve supported them.
We know you’re more than your score
We look beyond your credit score so, even if you have a poor rating or limited credit history, we may still be able to help.
You’ll see a full breakdown of the costs when you get your free personalised quote.
Our customers rate us ‘Exceptional’ on feefo based on thousands of reviews.
We’re regulated by the Financial Conduct Authority and are members of the Finance and Leasing Association.
Am I eligible for a shared ownership loan?
We offer a shared ownership loan to those who invested in the shared ownership scheme, some of which are government-backed initiatives designed to help buyers who might find it difficult to buy a home outright.
The scheme allows you to purchase a share of a property, typically between 25% and 75%, and pay rent on the remaining share. The scheme is primarily aimed at first-time buyers, those who have previously owned a home but can no longer afford to, and those whose household income is less than £80,000 (£90,000 in London). The rest of the property is typically owned by the local council, a landlord or a housing association.
If this is how you came to own some of your property, a shared ownership loan could be suitable for you.
How do I make an application for a shared ownership loan?
Once you’ve considered the pros and cons, check your eligibility for a shared ownership loan from us. Tell us how much you want to borrow and for how long. We’ll perform checks to see if you qualify. None of this will impact your credit score.
If eligible, you’ll speak to one of our qualified mortgage advisors. They’ll contact you to discuss your application, provide a personalised loan offer and run an initial affordability check.
How much can I borrow?
With our shared ownership loan, which is a secured homeowner loan, you can typically borrow between £5,000 and £100,000. This depends on the equity you have in your portion of the property and other lending criteria. The amount you can borrow is based on the value of your share in the property and your ability to repay the loan (income, expenditure and credit score).
How long are the repayment terms?
You can decide on a repayment timeframe for your shared ownership loan between three and 20 years.
A shorter term means you can pay off your loan sooner with less interest overall but you’ll have to make larger monthly repayments than if you opt for a longer term. If you decide on a longer repayment schedule, you have the advantage of lower monthly repayments but you’ll pay more interest – increasing the overall cost of your loan.
Are there any fees with a shared home loan?
There’s a Lending Fee of £807 and a Product Fee, which is a percentage of the amount you’re borrowing. Your personalised quote includes a breakdown of all the costs involved. These fees can either be paid upfront or added to the loan and spread out over your repayment term.
Start your shared ownership loan application today
Ready to apply? Check your eligibility for a shared ownership loan today and get the ball rolling.