Shared Ownership Mortgage Calculator
Quick, easy, accurate monthly payment estimates using our shared ownership mortgage calculator. Plan your mortgage smartly!
Shared Ownership Calculator
Purchase Amount Share
Monthly Mortgage Payment
Monthly Rental Amount*
Total Monthly Payments
Please note that the estimates shown in this calculator are for illustrative purposes only. The calculator should not be relied upon as a confirmation of affordability. The calculator should not be used as a substitute for professional advice from a mortgage broker or financial adviser. The full market value of the property may vary and the actual monthly payments may be higher or lower than those shown. The calculator will help to provide estimates of what you’re considering and help give you an indicative guide to monthly costs.
Our simple shared ownership mortgage calculator
Are you looking to buy a home but finding it hard to save enough for a deposit? Shared ownership could be the answer.Shared ownership allows you to buy a share of a affordable property, usually between 25% and 75%, and rent the rest from a housing association. This means that you can get on the property ladder with a smaller deposit and monthly payments.
Our Shared Ownership Mortgage affordability Calculator can help you to understand how much you may be able to borrow for a shared ownership property. Simply enter your details below and we will provide you with an estimate of your monthly payments.
What is a Shared Ownership Mortgage?
A shared ownership mortgage is a type of mortgage that is designed for people who want to buy a share of a property. The remaining share is rented from a housing association. Shared ownership mortgages are available from a number of lenders, including Alexander Southwell Mortgage Brokerage.
How Much Can I Borrow?
The amount you can borrow for a shared ownership property will depend on a number of factors, including your income,outgoings, and credit history. However, you will typically need to be able to borrow up to 85% – 95% of your share of the full market value of the property.
Your monthly payments will consist of two parts, the mortgage repayment and the rent. The mortgage repayment will be based on the amount of the property that you own, while the rent will be based on the remaining share.
Our Shared Ownership Affordability Calculator
Our Shared Ownership Affordability Calculator is a free tool that can help you to understand how much you may be able to borrow and what your monthly payments will be. Simply enter your details below and we will provide you with an estimate.
How do I find out the interest rate for my mortgage?
Finding out the interest rate for a mortgage when you don’t currently have a mortgage involves understanding that rates can vary based on individual circumstances and market conditions. Here’s how you can get an idea of the rates you might be eligible for in the uk market:
Credit Score Check: Your credit score significantly influences the interest rate you’re offered. Higher scores typically secure lower rates. Check your credit score to understand where you stand.
Consult a Mortgage Broker: Mortgage brokers can offer insights into various lenders’ rates and help you find the best rate based on your financial situation.
Get Pre-Approved: For a more accurate rate, consider getting pre-approved by a lender. This process involves a credit check and review of your financial situation, giving you a clearer picture of the rate you’re likely to receive.
Consider Loan Types: Different types of loans (like fixed-rate, variable rate) have different rates. Research which type of loan might be best for you.
Economic Factors: Be aware that broader economic conditions affect mortgage rates. Keeping an eye on economic trends can help you anticipate changes in mortgage rates.
Tips for Buying a Shared Ownership Property
Here are a few tips for buying a shared ownership property:
- Do your research and find a property that meets your needs and budget.
- Get pre-approved for a mortgage so that you know how much you can borrow.
- Speak to a housing association to find out about their shared ownership schemes.
- Consider getting professional advice from a mortgage broker
Ready to speak to an adviser?
Call us today and our experts can accurately calculate monthly payments and deposit required for you to move forward.
About Alexander Southwell Mortgage Brokerage
Alexander Southwell Mortgage Brokerage is a leading mortgage brokerage in the UK. We specialise in helping people to buy shared ownership properties. We offer a wide range of services, including:
- Free mortgage advice
- Expert guidance on shared ownership schemes
- Help with finding a suitable property & help you understand buying a home with shared ownership
- Assistance with applying for a mortgage
Get Started Today
Use our Shared Ownership Mortgage Calculator to get an estimate of your monthly payments. Then, contact us for free mortgage advice. We can help you to find a suitable property and apply for a mortgage.