Just like any home, a shared ownership home will come with its own set of monthly bills, which will need to be considered ahead of securing your property.
As you own part of your shared ownership home, you will need to make repayments on your mortgage until this has been repaid. This amount can vary depending on the amount you have borrowed and how long your mortgage term is.
Access this handy mortgage calculator to give you an idea on costings.
We will calculate how much rent and service charge you will need to pay, and the exact figure will be shared with you following your application. This tends to be around 2.75%.
Property value: £200,000
Your share: 40% (£80,000)
Our share: 60% (120,000)
Yearly rent (charged at 2.75%): £120,000 x 2.75% = £3,300 per year
Monthly rent: £3,300 divided by 12 = £275 per month
Service charges are charged separately from your rent and is an additional payment towards the cost of providing and maintaining any communal areas and services outside your home.
The cost of your service charge will be confirmed with you following your application.
Buildings insurance is included within your service charge payment. This covers the financial cost of repairing damage to the physical structure of your property.
Contents insurance, which covers items such as your carpet, furniture and personal belongings is your responsibility and something we would encourage you to get.
Other months costs to bear in mind include:
Before you can view or reserve a shared ownership home with us, you'll first need to make sure that you are eligible for the scheme.
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You can purchase further shares in your home from us at any time up to 100% ownership at any time if you would like to.