Lender
You'll need a mortgage to complete the purchase of your
share of your Shared Ownership Home. We have contacts with a variety of lenders who specialise in Shared Ownership mortgages.
Whichever lender is most appropriate for you, the mortgage will be arranged with the minimum of fuss. You won't have to make
the mortgage interest payments yourself. They will be paid
in the form of Income Support directly from the Department
of Work and Pensions.
You'll be entitled to raise a mortgage of up to £100,000,
which means the maximum purchase price of your Shared Ownership
Home will be £200,000. You should be able to buy something
nice for that.
The mortgage will be sufficient to cover all of the money
you'll need to buy your share of the property. You won't
be required to put down any money at all. No fees and no
deposit.
The property you're interested in buying will be valued without charge to you, to ensure your home is worth the money you're being asked
to pay for it.
To save you having to worry about the monthly mortgage
interest payments, the Department of Work and Pensions will
make the payments directly to the lender.
During the time you have
the mortgage, only interest payments will be covered. There is no need for you to repay the money borrowed from the lender, for when
you eventually leave the property, it will pass to the Housing
Association who will pay off the mortgage in full.
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