Your mortgage costs With shared ownership, your mortgage only covers the share you're buying. Buy a 40% share of a £280,000 property and you're taking a mortgage on £112,000, not £280,000. That makes the deposit far more manageable: a 10% deposit is £11,200 rather than £28,000. Your mortgage rate, term, and the size of your share all affect your monthly repayment, so it's worth trying a few different combinations in the calculator above to see what works for your budget.

The rent on your unsold share The rent you pay to the housing association is subsidised rather than market rate, typically around 2.75% annually of the unsold share's value. So if you're buying 40% of a £280,000 property, the unsold portion is £168,000. At 2.75%, that works out at roughly £385 per month in rent. As you staircase and buy more shares over time, that rent reduces proportionally. Reaching 100% ownership means no rent at all, though you'll need a standard mortgage at that point. Bear in mind that the rent figure usually rises each year in line with RPI plus an additional percentage, so factor this into your long-term planning.

Service charges and what to watch for Shared ownership properties are almost always leasehold, so you'll pay a monthly service charge in addition to your mortgage and rent. These cover building insurance, communal maintenance, and a management fee, and can range from under £50 to well over £300 per month. The figures aren't always transparent upfront, so before committing to a purchase, request a copy of the most recent service charge accounts and ask whether any major works are planned. Large unexpected bills, known as Section 20 notices, can catch shared ownership buyers off guard. A good mortgage broker will help you understand the full cost of ownership before you sign anything.