Mortgages

If you are looking for a mortgage on a shared ownership property, it is usually best to speak to a specialist.

There are now more than 25 banks and building societies offering shared ownership mortgages.

Consider all the costs

One of the key issues in choosing a lender is how much deposit they require. The smallest deposit you require is 5%, although some lenders may require more - 10% or even 15%. In some circumstances mortgage lenders may accept a lower deposit, however Platform require a minimum deposit of 5% in order for you to meet our Shared Ownership requirements.

You need to make sure that you have sufficient savings to cover all the costs. As well as your mortgage deposit, these include your reservation fee and your legal and valuation fees.

You should also think about affordability. Your income and outgoings need to fit the criteria of a lender and housing association, but you also have to be sure that you can afford to keep making the payments every month.

You may also need to provide flooring in your property.

Speak to an IFA

It is usually worth speaking to an independent financial advisor (IFA). They know which lenders are currently providing the best deals and will help you ensure that your monthly outgoings are affordable. They can make the financial process as easy and smooth as possible and, if things get difficult, can speak directly to the decision makers on your behalf.

Please note we're unable to accept 100% mortgages, Platform require a minimum deposit of 5% in order for you to meet our Shared Ownership requirements.

Independent Mortgage Advisors

As part of our application process, we will refer you to an independent financial advisor to perform your affordability assessment, once your assessment has been completed, it is your choice whether to proceed with them for your mortgage, or obtain your own mortgage advice elsewhere.