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As part of your application an Independent Financial Assessment will be required. Please visit TMP The Mortgage People to apply.
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With shared ownership first time buyers can buy a share of a new home with just 10-15% deposit, so you’ll only need a mortgage for the remaining amount of the share you are buying.
You will pay rent on the remaining percentage of the property, with the option through stair casing to buy more shares over time, until you own 100% of the property.
This example is based on you purchasing 35% of a home for £225,000.
If you put down a 10% deposit of £22,500. You will need a mortgage for the remaining £202,500 to give you a total share of 35%.
You will pay rent on the other 65% share of the property.
For more information please visit wandle.com/shared-ownership
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