How much will it cost?
You will need to take your own independent financial advice. The Midland Homebuy Agent website Help to Buy offers a range of mortgage advisors and solicitors who have expertise in dealing with Shared Ownership.
BCHG will need to check that you’re not financially over stretching yourself, and we will use a financial assessment tool to make sure that no more than 45% of your household income after tax is used to pay your monthly mortgage, rent and service charge.
We will require the following from you to make this assessment:
o Identification - for example your passport
o Proof of your name and address - for example utility or council tax bill
o Proof of your salary - for example 3 months' payslips or P60
o Proof of your savings - for example a bank or building society statement
o Details of any children living with you
o Any other appropriate supporting information.
Whilst we will make assessments, you will need to consider the additional costs such as:
o Deposit of least 5%
o The cost for a mortgage
o Mortgage repayment, rent and service charge
o Legal costs - this can average between £800 and £1500, plus additional costs for searches or reports
o Stamp duty - a Government tax that is paid when buying a property, which your solicitor will advise you on
o Factors such as repairs, general living expenses, household bills
o Contents Insurance