Check your affordability
We’re delighted to be offering a stunning collection of apartments at Patchworks.
To make sure you have the best chance of owning a home at Patchworks or any Shared Ownership home, get in touch with Hillcrest for your free affordability check to understand your ﬁnances in more detail.
Contact Jaspal Bola, Mortgage and Non-Investment Protection Consultant at Hillcrest Property Solutions:
Call: 01206 515858 or 07961 908 158
Recommended Guidance Affordability
2 bed apartments: Guidance income of £70,982 p.a. with a £17,850 deposit
3 bed apartments: Guidance income of £86,728 p.a. with a £43,200 deposit
Although the above is a guidance, we recommend that you get in touch with Hillcrest as you may be able to afford more than you realise.
Benefits of having a free affordability check
Going through your finances and having your affordability reviewed with a mortgage advisor is crucial when buying a home; especially through Shared Ownership.
Despite the guidance income and deposit amounts, you may find that you’re able to afford a home at a development like Patchworks. Especially if you have a larger deposit and lower income, or higher income and a smaller deposit than the recommended amounts.
And as the financial checks are free and only take a short time to do, you’ll be able to refine your property search understanding your mortgage options and affordability more in moments.
Understanding Shared Ownership
Shared Ownership is a great way to buy a home and is often a more affordable way to get on to the property ladder.
As a government-funded scheme, Shared Ownership is exclusively aimed to help those who cannot afford to buy a property at its full market value. It is a “part-buy/part-rent” scheme where you purchase between 25% - 75% share of the home and pay rent on the rest.
You’ll need to get a mortgage on the share you are purchasing which often mortgage brokers and independent mortgage advisors such as Hillcrest can help with, as well as pay rent on the share you don’t own. But also be aware that additional costs such as service charges and household bills will need to be accounted for.
However, this can all be covered in a brief conversation with a mortgage advisor to give you an idea on whether Shared Ownership is the right product for you, and what you can afford.
FIND OUT MORE ABOUT SHARED OWNERSHIP