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With shared ownership you only need a deposit on the share you are buying, not the full property price. The minimum is usually five per cent of your share. The more you put down, the better the mortgage rates available to you. Here is a breakdown of what different deposit levels mean for your shared ownership mortgage:
Many buyers turn to online calculators for an initial affordability figure, but these tools are often inaccurate for shared ownership because they do not account for the rent element or the specific criteria of specialist lenders. Our advisers will assess your actual borrowing capacity based on your income, outgoings, credit profile, and the criteria of lenders who offer shared ownership mortgages. This gives you a real, reliable figure rather than a rough estimate.
Important: The monthly repayment figure you'll pay depends on three things: how much you borrow, the interest rate offered, and the length of your mortgage term. With rates higher now than in recent years, it's essential to get an accurate repayment figure before you start viewing properties — so you can set a realistic budget.
How Does Mortgage Term Affect Monthly Payments?
The average mortgage term is 25 years, but many lenders now extend this to 35 or even 40 years, provided you'll still be below retirement age at the end of the term. A longer term means lower monthly payments — but you'll pay more in total interest over time. Your adviser will help you find the right balance.
Buying your share comes with a range of one-off costs that many people overlook. Before you start viewing properties, make sure you have planned for these upfront expenses:
<span class="text-span-6" data-w-id="cdee9333-8695-e291-c370-28698d00d322">Ongoing Costs Once You Move In</span><br><br>With shared ownership you pay both a mortgage payment and a rent payment on the share you do not own. There are also regular ongoing costs to plan for:
Our advisers always run through a full budget planner with you before any application is submitted, including the combined cost of your mortgage payment and rent on the unsold share. We make sure the total monthly commitment is genuinely affordable before anything is submitted.
