Can you afford the property? (Example 50% rent and 50% mortgage)
Buying any property is a serious financial undertaking and anyone considering Shared Ownership should seek financial advice from a registered independent advisor and/or your own bank or building society.
Remember, you will normally pay for 50% mortgage and 50% rent (these percentages can vary dependant on the scheme) and also a service charge. You must consider these payments when calculating your monthly outgoings.
Some of the monthly costs that you must consider are:
Rent, mortgage, council tax, gas and electricity charges, water rates, TV licence, TV channel provider,
telephone, internet, mobiles, car insurance, car mot & tax, travel costs, house keeping, contents insurance,
nursery fees/school lunches, child maintenance, pension payments, loans, credit cards, home shopping etc
Giving typical incomes required for a shared ownership property is difficult because everyone’s personal circumstances will vary. This is why we ask you to complete an income and expenditure form as part of your application, we can assess your affordability to help ensure that you do not get into financial difficulties after you have moved in.