Shared Ownership Mortgage Calculator

Use calculator below

  • Free, no obligation initial consultation
  • Exclusive rates
  • Hundreds of 5-star reviews

Shared Ownership Mortgage Calculator

Use calculator below

  • Free, no obligation initial consultation
  • Exclusive rates
  • Hundreds of 5-star reviews
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Author: Carl Shave - CEO and co-founder
Last updated: 26 May 2024

Understanding how much you may be able to borrow is an important aspect of any property purchase. Your affordability may be the difference between your application getting approved or denied. So, by using our mortgage calculator for Shared Ownership, find out what you could borrow.

The Shared Ownership scheme has helped many purchase their home when otherwise they would not have been able to. Over the years the scheme has grown in popularity massively with many home builders and building societies offering it.

How does a Shared Ownership mortgage calculator work?

When checking your mortgage affordability for Shared Ownership, it’s looked at the same as any other affordability calculation. The main difference is that your monthly rent will also need to be taken into consideration. This will be seen as a form of expenditure by lenders.

It is also worthwhile finding out if you have any other associated costs in regard to the property. For example, you may have to pay additional ground rent or maintenance payments.

Our affordability calculator for Shared Ownership will look at both your income and expenditure. Once you have filled out the requirements, it will give you an illustration of what you could borrow. This will allow you to budget and prepare if you are looking to obtain a Shared Ownership mortgage.

Please remember that this figure is just a guide, and your borrowing capabilities will change from lender to lender. If you’re unsure about your Shared Ownership affordability, get in touch today.

How do I calculate rent for a Shared Ownership mortgage?

Rents can vary, therefore if you have a specific property in mind, it’s best to ask how much it will be So that your own planning and budgeting can be as accurate as possible.

However, you may not have this information, or you may want to carry out budgeting. herefore, a typical estimate can be taken at 3% of the landlord’s share. The following gives an example based on a purchase price of £300,000:

Percentage ownership | Landlord’s share

50% share at £150,000      =     £150,000 x 3% = £4,500 per annum or £375 per month

25% share at £75,000        =     £225,000 x 3% = £6,750 per annum or £562 per month

Hopefully our Shared Ownership mortgage calculator can assist you whatever your needs. If you’re looking to obtain a Shared Ownership mortgage, get in touch and we will pair you with of our qualified advisers.