Urban Sticks Mortgage Solutions

Urban Sticks Mortgage Solutions, mortgage advisory firm specialising in Shared Ownership

Urban Sticks Mortgage Solutions Ltd is a mortgage advisory firm based in Dartford (Kent, United Kingdom) that presents itself on its website as a specialist in Shared Ownership mortgages, although its range covers other forms of residential finance. The company is an appointed representative of The Right Mortgage Ltd, an entity authorised and regulated by the Financial Conduct Authority (FCA) under number 840395.

Shared Ownership: buying by percentages with reduced rent

The company explains on its site that Shared Ownership allows you to purchase a share of a property, typically between 25% and 75% on the initial purchase. The percentage is set through an affordability assessment and the share not purchased remains with the housing association, to which the buyer pays rent at a reduced rate. This scheme requires a smaller mortgage and, in most cases, a lower deposit. The buyer can acquire further shares when their financial capacity allows; as their percentage increases, the rent decreases, until reaching 100% when they stop paying rent to the housing association.

Shared Ownership eligibility requirements

According to the information published, to access a Shared Ownership property you must meet the criteria set by the UK Government. Household income cannot exceed £80,000 per year, a threshold that rises to £90,000 in London. The applicant must be a first-time buyer, a current owner of a Shared Ownership property or, in certain cases, a person who cannot buy on the open market due to affordability. Members of the British Armed Forces normally receive priority for this type of housing.

Mortgage types and advice method

The firm states that it conducts extensive research across multiple lenders to tailor the recommendation to each profile. Among the repayment options it mentions are fixed rates, tracker rates and variable rates. The recommendation is issued only after assessing the client's current situation and future plans. In addition to Shared Ownership, the company offers mortgages for remortgages, home mover, buy to let, purchase and remortgage, and Help To Buy, both for purchase and remortgage.

Financial protection linked to the mortgage

The site stresses the importance of keeping your home in the face of unforeseen events and offers, within the buying process, a full financial review. The protection products it lists include life cover, with a lump sum payable on death; critical illness cover, which pays a lump sum on diagnosis of specific illnesses; income protection, which pays a monthly income if the insured cannot work due to accident or illness; family income benefit, which provides income for the family in the event of death; and buildings and contents insurance, which covers the home and belongings. The recommendation is made after assessing needs, suitability and budget.

Structure, regulation and costs

Urban Sticks Mortgage Solutions Ltd is registered in England and Wales with company number 10680763. Its status as an appointed representative of The Right Mortgage Ltd means it operates under the authorisation and supervision of the FCA, which does not regulate some forms of buy to let mortgages. The information on the site falls under the UK regulatory regime and is intended for consumers resident in that country. The firm warns that it may charge a fee for mortgage advice, the exact amount of which depends on the client's circumstances, although the website indicates that it is typically £495. It also reminds that the home may be repossessed if payments are not kept up.

Location and contact

Unit 43 Basepoint Business Centre, Victoria Road, Dartford, Kent. DA1 5FS · Phone: 0800 612 8322 · Email: enquiries@urbansticks.co.uk