- Shared Ownership FAQs
- Shared Ownership Eligibility
- Shared Ownership Pros and Cons
- Shared Ownership Purchase Process
- Shared Ownership homes near me
- Shared Ownership New Build homes Vs Resale homes
- Shared Ownership Mortgage Lenders
- What are your options after buying through Shared Ownership?
- Shared Ownership vs renting
- Shared Ownership Myth Busting
- Eligibility Check
Cost of buying a Shared Ownership home
You should be aware of all the costs associated with buying a home through Shared Ownership. Discover an example cost breakdown for buying a Shared Ownership home below.
Cost of buying through Shared Ownership
To give you an idea of the costs involved in buying your home through Shared Ownership, we have put together an illustration. These are based on a one-bedroom apartment.
Full market value of your home - £388,000
25% share value - £97,000
Deposit (10%) - £9,700
Total expected monthly costs - £1,384
Total monthly costs are made up of;
- Monthly mortgage (on 25% purchased) £465
- Monthly rent (on 75% not owned) £666
- Monthly service charge £253
*Based upon a 10% deposit with an annual household income of £54,530.
Figures are of an indicative Shared Ownership property only and you should speak to an Independent Mortgage Advisor (IFA) to understand your personal affordability for a Shared Ownership home.
Guide to Shared Ownership
Other estimated costs with buying through Shared Ownership
When buying a home through Shared Ownership, like with most other homes, there are a few additional costs involved with the initial purchase including;
£500 Reservation fee
£700 Solicitors fee
£600 Legal disbursements
£400 Mortgage advisor fee
£0-£800 Mortgage valuation fee
£0-£999 Mortgage arrangement fee
For more information about the full cost of buying a Shared Ownership home, contact our team for more information.
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Shared Ownership Affordability Calculator
Want help understanding your personal finances and whether you can afford to buy a home through Shared Ownership?
To help, we have created a Shared Ownership Affordability Calculator to help you quickly assess what you can afford before diving into the home-purchasing journey.
Our calculator is designed to give you a clear picture of what you can realistically afford in today's housing market.
*The Shared Ownership affordability calculator should be used for guidance only and you should speak to an Independent Mortgage Advisor for more details about costs of buying with Shared Ownership.
Affordability Calculator
Search Shared Ownership homes
Discover a wide selection of new build Shared Ownership homes available throughout London and the Home Counties.
Find out what our homeowners say about Shared Ownership
Buying a first home, getting married and preparing for the arrival of a baby are all busy life events. Raph and Jaye would know, after experiencing all these milestones simultaneously. They purchased a 25% share of a two-bedroom apartment at The Switch in Wimbledon, with a £42,600 deposit.
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After spending years renting in London, wealth manager Aroma Khan purchased a 30% share of a three bedroom apartment in Queensbury, northwest London. She had no idea that, just two years later, she would be staircasing her way up to 100% ownership with a friend.
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Luca moved to London from Italy to work at a university. After a few years renting in London, Luca was able to purchase a 50% share of a bright two-bedroom, two-bathroom home through Shared Ownership at Arden, in Lewisham.
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Shared Ownership
Shared Ownership allows buyers to own a share in a new property and is designed to make homeownership more accessible for those who have smaller deposits and may not have the budget to buy a new home outright.
Shared Ownership Pros and Cons
Are you considering Shared Ownership but not sure if it's right for you? See all the pros and cons to buying a home through Shared Ownership.
Shared Ownership homes near me
Are you looking for a Shared Ownership home near you? Peabody New Homes offers a wide selection of new build and resale homes throughout London as well as the Home Counties.