Review: Shared Ownership
A good business stream by
David Bogle, chief executive, Hightown Praetorian & Churches Housing Association
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Te shortage of affordable housing is increasingly in the public eye and this, to- gether with the low level of new homes being built, has led some to say that we are currently in a housing crisis. Tere have been various ways to help potential home buy- ers get a foot on the housing ladder in the last
few years
with Help to Buy being prob- ably the most popular so far. With this scheme constantly hitting the headlines it is un- derstandable that less high profile ways of buying an af- fordable home have taken a bit of a back seat. One scheme that has been around for many
years is
shared ownership. Brokers have oſten shied away from shared ownership as it is seen as low value but it can poten- tially provide you with a valu- able stream of business. Hightown sold 104 shared
ownership properties last year in Hertfordshire and Buck- inghamshire. Not a lot in the grand scheme of
things you
THIS ADVERTISEMENT IS INTENDED FOR INTERMEDIARY USE ONLY AND MUST NOT BE DISTRIBUTED TO POTENTIAL CLIENTS
may think but every time a potential shared owner passes our criteria, we send them to one of our panel of brokers for an affordability assessment. Once the buyer has been ac- cepted and goes on to buy one of our properties they are free to use any broker to source a mortgage, but our records show over 90% stay with the broker they went to initially. Although that first mort- gage may only be small, once
87x245_SB_CM_Mortgage_Introducer_Pride.indd 1 26 MORTGAGE INTRODUCER SEPTEMBER 2013 27/08/2013 16:51
the shared owner is a client, there are a range of financial products
they may want or
need a broker for. As brokers know, if the cli-
ent trusts you to give them sound advice, they will oſten recommend you to people they know looking for their own financial products. Neil Kumar of Armchair
Mortgages, based in Norfolk, is on Hightown’s broker panel and he believes that brokers have to look at the bigger pic- ture.
“Offering your services to local housing associations means a potential new source of leads for you”
“Shared ownership has been
a great boost for my business,” he told me. “Te mortgage amounts I have dealt with ini- tially are sometimes small but I have many cases where the customer has come back to me for further products. If you do a good job, they may well become a customer for life, as could their family and friends and theirs and so it goes on.” For brokers, offering your
services to local housing as- sociations means a potential new source of leads for you and means getting involved in helping the local commu- nity. So unless you have more clients than you can manage at the moment, why not take a fresh look at shared owner- ship – you never know where it could lead.
www.mortgageintroducer.com
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