MIV Catch Up - Andrew Boast, Share a Mortgage
On this week’s #MIVReveals we caught up with Andrew Boast, the co-founder of Share a Mortgage, a business that boasts a brand new concept where would-be homebuyers can search via Share a Mortgage’s social networking platform for other would-be homebuyers. Additionally, through Share a Mortgage’s outsourced suite of services and bespoke legal products, a group of prospective home buyers can enter into a safe collaborative arrangement in which they combine their finances to get a mortgage. With the property market being a hot topic of discussion at the moment, we were very intrigued to find out more…
Hi @Shareamortgage, thanks for joining us today! For those that don’t know could you just explain to us what it is you do? #MIVReveals
With rent and property prices rising through the roof, one person on their own will struggle to afford to buy a home. We offer people the opportunity to buy a home by joining forces with someone else and increasing their buying power. Whether it be a partner- friend-family or someone they meet in our community they increase their chances of buying a home. Plus, they are protected by our Shared Ownership Protection and supported by a complete conveyancing service.
@Shareamortgage Sounds fab! I imagine it's popular right now given the high house prices! Can you tell us a little more about your background and how you got started with @Shareamortgage? #MIVReveals
I was the Finance Manager in one of London's largest conveyancing firms for many years. I saw firsthand how conveyancing should and, more importantly, shouldn't be done! Normally clients were let down by poor communication. I wanted to do it better & give home buyers a service that supports them with high levels of communication.
I've been affected by paying exorbitant rents & wanted to offer renters a fresh way to break from the rental spiral. We provide a new solution for renters backed by friendly & helpful conveyancing support.
Where did you come up with the idea for @Shareamortgage? Was it similar to something you’ve worked on before? #MIVReveals
With rent and property prices rising through the roof, one person on their own will struggle to afford to buy a home. It all started when my wife was renting with a friend, had the salary for the mortgage but not the deposit. She thought, why do people rent together but not buy together - apart from when they marry?
Her salary covered the mortgage multiples to buy a London property - all she needed was someone with a deposit. What if she teamed with someone who had the deposit but not a high salary to get a mortgage on their own? Two people joining forces to improve their financial position is at the heart of Share a Mortgage.
With my background in online start-ups, the legal sector and with a clever solicitor for a wife, we’ve the perfect know how to make @Shareamortgage a success for people who are stuck renting or living at home
What are the benefits of using a @Shareamortgage service for those looking to buy a house? #MIVReveals
Share a Mortgage provides two crucial benefits when buying a home. Easy and simple conveyancing services that handle everything from start to finish-solicitors-surveyors-mortgages plus protection with our unique, joint ownership agreement, Shared Ownership Protection. This includes legal rights to all joint owners and covers everything from the ‘what happens ifs…’ to ‘how to leave’.
Joint owners agree house rules before they buy - no one likes surprises! This agreement should be used for anyone buying together including unmarried couples, friends, even married couples. Without a written contract, if the worst happens, you could be faced with costly losses - not if you have Shared Ownership Protection though!
Do you find that more and more people are interested in living in a shared property these days @Shareamortgage? #MIVReveals
Santander projects 39% of homeowners will share with a friend, family member or unmarried partner in the next 2 years. The NAEA in Sept said only 7% of properties were bought by single people. People are already sharing mortgages with friends, family etc. This will only expand as land becomes scarcer. The limited supply of resources will make sharing the norm. In fact, you can now share a mortgage, car, investment or even your own dog! Companies such as @Airbnb, @Crowdcubeand @Shareamortgage embrace the Sharing Economy and understand that collaborative ownership is here and staying.
What support – financial and mentoring – did you have in the beginning with @Shareamortgage? #MIVReveals
I had experience, market knowledge & contacts to get started- a must regardless of any investment or great idea. My wife and I funded the initial website build and were lucky enough to find an angel investor...in our local pub. True story. My wife and I were cycling round Virginia Water Lake and stopped for well earned drink. We met Nick Bragg and started talking. He loved the concept, understood the need and wanted to hear more. After lots of due diligence, talking, reviewing plans Nick invested. Nick is an amazing champion and director of @Shareamortgage – we are lucky to have him on board. Share a Mortgage was born from a good plan, my want to achieve and a very supportive wife. Proof that opportunities present themselves in the unlikeliest of places @ClaudineBoast.
What’s your greatest achievement with @Shareamortgage – anything you’re particularly proud of? #MIVReveals
Offering hope to those who would otherwise be stuck renting or living with parents is our greatest achievement. Buying a home is expensive and incredibly complicated. Knowing we've helped someone buy is a fantastic feeling.
Whilst setting up @Shareamortgage did you come across any hurdles – how did you solve them? #MIVReveals
Yes, lots and I can give you 2 pieces of advice about setting up a company.
1. Make a plan including every eventuality and plan for the worst.
2. Change the plan when it doesn't work
Every hurdle is an opportunity to learn to do something better next time.
Any plans for the future with @Shareamortgage? Any new developments we should keep an eye out for? #MIVReveals
We want to be the first stepping stone for first time buyers - this will keep us fairly busy however, we're just about to laun
ch a new way for investors to help buyers share a mortgage and jointly own a property plus, we are working with a lender to provide a bespoke mortgage product for joint owners.
Exciting times then, lots on the go! Do you have any advice you’d give to those looking to buy a shared property @Shareamortgage? #MIVReveals
Come to us, we're always happy to help with guides, tools and support. f you are thinking of sharing a mortgage you need to plan 2 things. Firstly, plan your finances and start saving. The more you bring to table the better your chances are of buying. Secondly, be open minded. Sharing a mortgage isn't for life! Think of it as a shorter term investment, after which you may have increased your own savings to buy a place of your own.
And that is @Shareamortgage - fighting on the side of those who can't buy on their own.
Thanks for joining us today @Shareamortgage! It’s been great to hear about ‘Share A Mortgage’ #MIVReveals
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