Shared ownership mortgage calculator
For part buy part rent mortgages: check affordability
Access our Shared Ownership Mortgage Affordability Calculator to get an estimate of how much a shared ownership mortgage might cost you, and also whether the amount you are seeking is realistically affordable for you.
Our Shared Ownership Mortgage Affordability Calculator is separate from lenders' own affordability assessments and is not linked at all to the HCA's affordability calculator that housing associations will use to assess you - such assessments are when you are nearer to actually buying. Our Shared Ownership Mortgage Affordability Calculator is designed to help you in your initial research.
Alternatively, if you have done some initial research and are looking for a specific shared ownership mortgage, you can use our comparison site for part buy part rent schemes to start searching for shared ownership mortgages.
19th June 2016
“Buying through this scheme was a life saver for me and the only way that I was able to buy my own home in the location I wanted. Shared Ownership definitely gives people more of a chance to own their own property. I was able to put down what was comfortable for me financially and my outgoings are now really reasonable - unlike renting where I was paying such a high rent and the home wasn’t even mine.”
14th June 2016
New to the website and coming soon to the South and Southeast of England are some lovely shared ownership apartments in Berkshire, shared ownership houses in Worthing, and shared ownership houses in Kent.
The Chilham development boasts 3 bed houses in Canterbury, CT4 to part-buy part-rent, launching this month so show your interest as soon as possible! A selection of 2 bed houses for shared ownership in Worthing, BN13 and also 3 bed houses in Worthing, the Barley Grange newbuild development is coming soon. Also launching soon, the Cardew Court development has 1 bed apartments for shared ownership and 2 bed apartments in Berkshire, RG12 available under the part rent, part buy scheme. These new homes will be announcing pricing in the coming weeks so why not show your interest and potentially take your first step onto the housing ladder.
Click here to begin your search for a shared ownership property.
10th June 2016
"Having a new build apartment is so appealing; I prefer them to some of the older Victorian flats that you find around here. I also feel that a new build home is made to such a high standard that the worry of maintenance costs is taken away – plus, I can move in straight away." Keith, 32, recently moved into a brand new apartment at Peabody's flagship Merchant Walk development. Read his story here.
10th June 2016
New properties available for Shared Ownership in Kent have been uploaded to our affordable homes property portal in the last week. The Sackville Court development of part-rent part-buy apartments in Kent, TN14 are available now, Click this link to show your interest in the 1 bed apartments in Sevenoaks. The Harrison Court development of 1 bed apartments for shared ownership in Kent, TN14 is available now. Click the link to show your interest, and potentially you could part buy this 1 bed apartment in Sevenoaks.
Click here to begin your search for a shared ownership property in Kent or any area.
FAQs: how much deposit?
For any house deposit, including shared ownership and part rent part buy, how much you are required to raise will ultimately depend on your circumstances but here we attempt to provide some generic answers.
How much deposit do I need for shared ownership?
You can potentially buy a share on a part-buy part-rent basis with as little as 5% deposit.
For a shared equity mortgage how much deposit do I need?
Again, potentially 5% but on shared equity schemes you may be able to access 75% LTV mortgages with your 5% deposit rather than 95% for part buy part rent. Please note that this is not a shared equity mortgage calculator.
How much deposit/mortgage do I need with adverse credit?
You are more likely to pass a credit check the larger your deposit, but applicants with serious adverse credit may fail regardless of the size of their deposit. As such, it is not possible to specify a figure.
How much deposit would I need for a mortgage on a new build property?
Many lenders require larger deposits for new build properties than on second hand. With shared ownership there are lenders who will consider a 5% deposit on both new build and second hand but, typically, the high street banks would want deposit in the region of 20-30% for a new build flat on shared ownership compared to 15% if second hand. With new build houses high street banks can be more generous and may consider a 10% deposit.
How much deposit will I need for a mortgage where one of the applicants does not have permanent right to remain?
For shared ownership, we would estimate 20% deposit in this case.
How much deposit do I need for a house purchase with shared ownership where I cannot ever staircase to 100% ownership?
Lending policy in this case is complex but the minimum is likely to be 10% and in practice may be 15%+.
How much deposit to buy a house with FirstBuy?
This is a shared equity scheme and should generally accept a five percent deposit.
How much deposit do first time buyers need?
On the open market this is likely to start at ten percent (though there is very limited availability of 95% mortgages for first time buyers). For shared ownership and shared equity, including FirstBuy, 5% deposits should be possible in standard cases.
How much deposit do you need for a house purchase as a second time buyer?
In most cases first time buyer and latter time buyer deposits will not vary but for specific schemes, such as shared ownership or FirstBuy, there may be a requirement to be a first time buyer that is separate to any mortgage lenders’ general criteria.
How much deposit do I need to buy a house on a second hand shared ownership ‘resale’ basis?
Second hand resales tend to require lower deposits than new build and will start from 5%. In terms of how much deposit you need for mortgages on the open market where the property is second hand, this starts from 10% in most cases.
How much deposit is needed to buy a house abroad?
Please seek advice on this point from an independent financial adviser with experience of overseas property purchases.
How much deposit is needed to buy a house that has been converted?
This depends. If the house has been converted and is now regarded as new, e.g. there is a builders’ guarantee in place, lenders may also regard this as new build and require larger deposits of at least 10% but often 15/20% from the high street banks.
A shared mortgage calculator like the one featured above can provide a good starting point when you need to figure out how much deposit you will need for your purchase.