Shared Ownership

CharlieRabbit01

Hi

I've recently seen 2 shared ownership properties come up in the town where I live, its very rare for these to pop up.

I currently rent and unable to afford to buy a "normal" property.

Are shared ownerships worth it? What kind of deposit do they expect?

I reaslise I can contact the agents but at the moment I'd prefer not to as i'm not sure about whether or not I'd be interested.

Any information would be useful.

Oh and by the way they are £63k and £64.5k (this is a 30% share)

kingstreet

One lender will lend 95%, the rest are 90% or less.

You need to be vetted by the Housing Association before you apply for the mortgage.

Typically, on top of the mortgage you'll be paying rent on the share you don't own at a minimum of 2.75% of the value of the share, plus ground rent and service charges on top.

Pay close attention to such charges and how they may be increased in future.

This property has a full value of £213k. So, assuming 5% deposit and a 5% mortgage rate, you'll be paying £355 for the mortgage on a 25 year term, with a further £341 rent and then service charges etc on top.

You'll need £3,200 deposit, plus around another £1,100 for solicitors costs and fees and £350 for a valuation fee.

Those are the minima you can expect.