| Property | One-bedroom new-build flat (40% share of £437,500) |
|---|---|
| Location | Lewisham, London |
| Client | Single first-time buyer, nurse |
| Product | Shared ownership & RTB |
The challenge
The buyer could not afford a full purchase in London on her salary. Fewer lenders offer shared ownership mortgages, and affordability has to include rent on the unowned share and the service charge.
What we did
We identified lenders that support the housing association's shared ownership lease. We worked through affordability including rent and service charges. We explained how staircasing works and what costs to expect in future, including valuations and legal fees.
The outcome
She bought a 40% share with a 10% deposit on the share value.
Shared ownership and Right to Buy mortgagesMortgages for shared ownership, Right to Buy and other affordable home ownership schemes.
Learn moreImportant: Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice: up to 1% of the loan, typically £500.