The buying process

Before you take the next step towards owning your dream home through Shared Ownership, there are three key eligibility criteria you’ll need to meet:

1. Your joint household income must not exceed £80,000 per year. 
2. You’re unable to purchase a suitable home for your needs on the open market.
3. At the time of completing your purchase, you cannot own or part-own another property.

Not sure if you qualify? Don’t worry – our online checker makes it quick and easy to see if Shared Ownership could be the right option for you.

Found a development that’s caught your eye? Make sure you register your interest so we can keep you in the loop when the homes are ready to be released for sale. You can do this easily through our website or by giving our friendly team a call on 01782 854748.

Sometimes, demand for new homes can be high, so to keep things fair, we’ll contact everyone on the mailing list at the same time when a new development is launched. You’ll receive an email with all the details, including how to book an appointment with a sales advisor and tips to give yourself the best chance of reserving your perfect plot.

Appointments are booked on a ‘first come, first served’ basis, so the earlier you call, the sooner we can secure your appointment on launch day.

Remember, we have separate mailing lists for each development, so if you’re interested in more than one, be sure to register for each individually.

As with any mortgage or loan, you’ll need to complete an affordability assessment to confirm you can comfortably manage the monthly repayments. If you’ve already found a property you love and want to get an idea of what your monthly payments might look like, why not try our handy affordability calculator?

When you’re ready to move forward, you’ll need to speak to our trusted financial advisors at The Mortgage People. They’ll confirm your affordability and help you secure a mortgage in principle. You can reach them directly at XXXXX XXX XXX or start the process online by entering your details.

As part of the assessment, The Mortgage People will guide you through a budget planner. This includes ensuring you have a monthly minimum income surplus – a percentage of your income left over after covering all your monthly costs. This acts as a safety net for any unexpected expenses or future cost increases.

Although your affordability assessment will need to be completed and signed off with The Mortgage People, you’re welcome to use a different mortgage broker to arrange your mortgage if you’d prefer.

For more information or support, we’re always here to help!

When you’re ready to purchase your Shared Ownership home, it’s time to gather the documents needed to show you’re in a position to buy and secure a mortgage. Our trusted financial advisors at The Mortgage People, who handle all affordability checks, will collect and review your supporting documents.

Here’s what you’ll need to provide (please note, this list may not cover every situation, and additional documents might be required depending on your circumstances):

• Photographic ID: A valid, in-date passport or driving licence for all applicants.
• Proof of income:
  • If employed: Your last 3 months’ payslips.
  • If self-employed: 2 years of accounts prepared by a qualified accountant or 2 years of SA302s (if accepted by the mortgage lender).
  • If your income comes from other sources (e.g., pension or disability benefits), proof of annual income will be required.
• Mortgage in Principle: This outlines the amount a provider is willing to lend, the interest rate, and repayment terms. The Mortgage People can assist you in sourcing this.
• Proof of deposit funds:
  • Bank statements are usually sufficient.
  • If your deposit is gifted, the person gifting the funds will need to complete ID verification and provide bank statements as evidence.
  • If your deposit comes from selling a property, you’ll need additional documents, such as a mortgage redemption statement (if applicable), a memorandum of sale from your estate agent, and a guide timescale for completion from your solicitor.
• Proof of current address: A utility bill, council tax bill, or bank statement.
• Additional income proof: If applicable, provide evidence of income from Universal Credit, Personal Independence Payment (PIP), or other sources. Please note, some benefits (e.g., the housing element of Universal Credit) cannot be used when calculating affordability.

The Mortgage People will guide you through the process and ensure everything is in order so you can move forward with confidence. If you have any questions, we’re here to help!

This is one of the most exciting steps in your journey – you’re so close to owning your very own home!

Once all your information has been submitted and we’ve confirmed that you meet the eligibility criteria, it’s time to secure your home. To do this, you’ll need to pay a reservation fee, which takes your chosen property off the market.

As soon as we’ve received your fee, your dedicated sales advisor will guide you through the next steps of the process and provide all the reservation paperwork you’ll need.

It’s a big milestone, and we’ll be right here to support you every step of the way.

Once you’ve reserved your home, the next step is to appoint a solicitor to act on your behalf. They’ll handle the conveyancing process for you – this means legally transferring the property title to you, explaining the terms of your lease, and liaising with the seller’s solicitor on your behalf.

There will be a cost for this service, which your chosen solicitor will clarify, so it’s important to factor this into your budget. We highly recommend choosing a solicitor who specialises in Shared Ownership, as they’ll be familiar with the specific details and processes involved.

After your solicitor is appointed, our sales team will issue a Memorandum of Sale (MOS) to all solicitors involved in the transaction. This document summarises the key details of your house purchase and allows our solicitor to send the draft paperwork to your solicitor so they can begin the conveyancing process.

At this stage, you’ll also need to submit your full mortgage application to your chosen lender to keep things moving forward.

We’re here to help if you have any questions along the way – let’s get you one step closer to your new home!

This is the exciting moment when everything starts to feel real!

Once all legal checks, enquiries, and your mortgage arrangements are in place, it typically takes around 6 weeks to reach the point of exchanging contracts. At this stage, you’ll be required to pay a 5% deposit, and the transaction becomes legally binding.

From here, you can rest assured that your new home is officially yours – it’s time to start planning for the big move!

As always, if you have any questions or need support during this stage, we’re here to help every step of the way.

The big day is finally here – it’s time to officially become a homeowner!

On completion day, your solicitor will request the release of funds from your mortgage lender to pay for your home. You’ll also need to transfer any remaining deposit you’re contributing towards the purchase price to your solicitor. Once all funds have been transferred to the seller’s solicitor, the property is officially yours.

Your Sales Advisor will meet you at your new home to hand over the keys and answer any questions you may have. We’ll also arrange a home demonstration to make sure you feel confident and comfortable with everything.

Here’s what we’ll cover during your home demo:

• Meter Readings: We’ll record these for you.
• Property Walkthrough: Including instructions for appliances, your boiler, and heating system.
• Home User Guide (HUG): A handy guide to help you settle in.
• Defect Procedure: Information on how to report any issues.
• Appliance Warranties: Details to ensure your appliances are covered.

This is the moment you’ve been waiting for – your new home is ready for you to move in and make it your own. Congratulations!