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.
14th July 2016
Our latest Guest Blog comes from WhatHouse? with a host of tips for first time buyers.
8th July 2016
“Help to Buy enabled us to buy a property with a better specification. We already had a reasonable deposit but without Help to Buy on top, we probably would have got a much smaller flat on the outskirts of London. Overall, Help to Buy allowed us to get a higher quality property, in a better location.”
1st July 2016
This week we've had 2 newbuild developments of Shared Ownership homes in Surrey and Shared ownership homes in West Sussex, added to our property portal.
The Bleriot Gate development of houses to part-rent part-buy in Surrey KT15, is coming soon with 2 and 3 bed houses. The 2 bed shared ownership house in Surrey is available for enquiries now, and click here to find the three bedroom house to part-buy in Addlestone so register your interest to be notified about the SO Development launch.
Those looking for shared ownership properties in West Sussex could show their interest in the Woodland Place development of 2 & 3 bed houses. Prices are to be confirmed for these 2 bed houses in Billinghurst & 3 bed houses in West Sussex, RH14.
Click here to begin your search for a shared ownership property.
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.”
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.