What will it cost?
Buying a home is the largest financial investment most people will ever make.
First you’ll need a deposit, typically between 5% or 10% of the share you’re buying. This could be as little as £2,000.
After you’ve put down a deposit (and paid any legal fees), you’ll be paying your mortgage, rent, and possibly service charge each month. Your mortgage is worked out based on the size of the share you’ve bought, and your rent is paid to the housing association you bought your property from. (It’s good to note that your rent will be reviewed every year based on market fluctuation, so remember to check your lease carefully for details of possible rent increases.)
We recommend that you talk to an Independent Mortgage Advisor as soon as possible.
Please see below a list of independent financial advisors we work closely with who have a good understanding of shared ownership mortgages. They are not associated or part of emh Group. Please contact them directly to discuss their services and fees.
14 Hawthorne Avenue
T: 0115 9638965
M: 0794 1041150
Mortgage Advice Bureau
48 High Street
T: 01327 703252