Typically, first-time buyers have a mortgage agreement in principle (AIP) approved – a document from a lender that states how much they’re willing to let
Typically, first-time buyers have a mortgage agreement in principle (AIP) approved – a document from a lender that states how much they’re willing to let
An interest only mortgage, you could make your monthly mortgage repayments more affordable by only paying back the interest, not the capital.
I want to
What are the benefits?
What are the risks?
First, check that you’re eligible to purchase a property using the Shared Ownership Scheme. You can do this by asking your mortgage advisor or by reading the relevant government guidance.
Next, you’ll have to find a suitable shared ownership home that you like in your desired location. As with any property you’re interested in, you should view the home, make sure you’re eligible, and ensure you can afford the property.
You’ll be asked to pay a reservation fee to the landlord of up to £500. This secures the property for a fixed period and the amount is deducted from the final amount you pay on completion day. If you do not buy the home, you won’t usually get the fee back (check with the landlord before you reserve).
A mortgage advisor will help you to secure the most appropriate mortgage for your current needs and circumstances from a selection of lenders and understand your mortgage offer, while a solicitor or conveyancer will handle the process of ownership transfer.
Find expert guidance, and all the information you need to make informed decisions on your path to homeownership.
