Shared Ownership

Maximum mortgage of 95% of the initial share without mortgage indemnity insurance, minimum share 5%, subject to Mortgage Protection Clause
The Shared Ownership arrangement must be through a registered Housing Association or Registered Social Landlord
The borrower(s) must be able to evidence affordability of both the mortgage and the rent payable on the remaining share; with the rent plus any service charge/maintenance costs being deducted as a commitment
Shared Ownership loans are only offered on a capital repayment basis only, interest only is not available
If lease does not allow the borrower to staircase to a full 100% of the value of the property the application is not acceptable
Additional borrowing on shared ownership properties can be considered for the purchase of additional / final shares and for home improvements
Additional borrowing for home improvements up to 85% of current value of the share owned can be considered. Consent from the Housing Association must be obtained in all cases
Additional borrowing for non-home improvements, for example, debt consolidation cannot be considered
On purchase of the final share, mortgage indemnity insurance is required for any amount then owing above 80%, up to a maximum loan of 95%
Please note that Shared Ownership applications are subject to product availability and restrictions may apply