Shared Ownership Affordability Calculator
How it works?
- This calculator allows users to input property details and financial information to estimate their affordability. It calculates monthly mortgage payments and assesses if the mortgage aligns with their budget.
- To ensure long-term sustainability, applicants should allocate 25% (min) and 45% (max) of their net wage, and 2.5x (min) and 4.5x (max) their gross income for home ownership.
- The figures from this calculator are only a guide. Contact a specific lender before committing to any mortgage.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS OF YOUR MORTGAGE.
Read the scheme on GOV.UK⎘ to study more.
Property Details
The minimum initial share buyers are able to purchase will be lowered to 10% on the new Shared Ownership model, compared to the 25%.
The deposit amount required will usually be 5-10% of the equity share you are buying but this will depend on the property and your affordability.
The rent is usually charged at 2.75% of the property value per annum.
Income / Expenditure
Outside of London your annual household income must be less than £80,000.
In London, your annual household income must be less than £90,000.
Any loans, credit card debts and other credit commitments are deducted from the net income to derive the net mortgageable income
Want to get more figures? Try the below buttons
Full Market Price
£250000
Share To Purchase
£62500Mortgage: £50000
Deposit: £12500 (80.00% LTV)
Monthly Mortgage Payment
£296.68
Estimate Monthly Rent1
£429.69
Monthly Service Charge
£0.00
Estimate Total Monthly Cost
£726.37
Estimate Min. net household income
£19370
Estimate Min. household income2
£22569