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Shared ownership mortgage advice made clear

Understand the mortgage, rent, deposit and affordability checks involved when buying a share of your home.

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Overview

Understand the mortgage and rent together

Shared ownership can make home ownership more accessible, but the affordability checks are different from a standard purchase. You usually borrow against the share you buy, pay rent on the remaining share, and may have service charges to include in the budget. AJM can help you compare these costs and plan the application route.

Before you apply

What to understand and prepare

Key points

  • The share you are buying and the rent due on the remaining share.
  • Service charges, ground rent or estate charges that affect monthly affordability.
  • Housing association eligibility rules and lender criteria for the scheme.
  • Whether you plan to staircase in future and how that might affect your plans.

Documents that may help

  • Housing association affordability assessment or reservation details.
  • Income evidence, bank statements and deposit proof.
  • Details of rent, service charge and the share being purchased.

How AJM helps

  • Scheme checks
  • Affordability review
  • Housing-association process
Practical guidance

Common questions about shared ownership mortgages

Is shared ownership assessed only on the mortgage payment?

No. Lenders and housing associations usually look at the mortgage, rent, service charges and other commitments together.

Can I buy more of the property later?

That is known as staircasing. The rules vary by scheme, so AJM can explain the mortgage side while your provider confirms the scheme rules.

When should I speak to AJM?

If you are unsure which route fits, AJM can review the basics and point you towards the next sensible step.