Shared Ownership Mortgage Calculator
The first question you may ask is 'how to get a mortgage' which can be answered by undertaking a shared ownership mortgage calculation to work out mortgage repayments. This provides a clear indication of the deposit required and repayments for the borrowing so that you can work out exactly what you can afford. Historically mortgages were much more readily available and it was regular for someone to borrow five times or more above their annual wage for a mortgage. However in recent times lenders have tightened their lending criteria and as such it is essential to perform a shared ownership mortgage calculation prior to even starting to look for your next home. Many lenders provide in depth calculations when you actually apply for a shared ownership mortgage however using a shared ownership mortgage calculation can set your expectations when starting your property search.
Shared Ownership Mortgage Calculation Tool
Shared Ownership Mortgage Calculators are not a new thing in the property world however they are much more important than ever before as many first time buyers and homeowners alike have certain expectations on what they can afford which nine times out of ten are way above what they can in real terms afford and what will be on offer from a lender. There have been many new schemes such as Firstbuy, Homebuy and shared ownership options to assist you to buy a house especially if you are a first time buyer however a shared ownership mortgage calculation still has to be performed by the lender therefore it is better to know beforehand what the likely outcome will be (credit checks and specific lender criteria aside), so why not give our shared ownership mortgage calculator a try. If you have any questions please don't hesitate to contact us on 0161 431 3819. Shared Ownership
How to Get a Shared Ownership Mortgage
If you are wondering how to get a shared ownership mortgage there are various online guides you can find, although we would recommend speaking with an independent financial advisor who will be able to give impartial advice as well as a detailed explanation of all of the different types of shared ownership mortgage products available and advise on the most suitable to your situation. It doesn't harm to do a bit of prep work prior to meeting with a financial advisor so why not try the shared ownership mortgage calculator so you can at least avoid feeling like a complete novice.
For further advice and to apply for a mortgage with one of our specialist affordable housing shared ownership mortgage broker partners please fill out an enquiry.