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Shared ownership schemes are provided through housing associations. You buy a share of your home (between 25% and 75% of the home’s value) and pay rent on the remaining share. You’ll need to take out a mortgage to pay for your share of the home’s purchase price.
How much can I borrow?
Knowing how much you can borrow will help you find a property you can afford. Following the MMR review in 2014, where now lenders have to take into consideration all your outgoings and stress test your affordability even if interest rates should rise. A Mortgage Broker takes into account you’re your circumstances in arranging a mortgage for you.
What this means is we can assess your affordability with a shortlist of various lenders to maximize which mortgages are available to you and find the cheapest mortgage for your circumstances. Speak to one of our advisors who will compare lenders to see what the maximum loan you could get for your circumstances
Buying more shares
You can buy more shares in your home any time after you become the owner. This is known as staircasing.
You can get help from another home ownership scheme called ‘Older People’s Shared Ownership’ if you’re aged 55 or over. It works in the same way as the general shared ownership scheme, but you can only buy up to 75% of your home. Once you own 75% you won’t have to pay rent on the remaining share.
People with disabilities
Home Ownership for People with Long-Term Disabilities (HOLD) can help you buy any home that’s for sale on a shared ownership basis if you have a long-term disability.