Check your affordability
GET YOUR AFFORDABILITY CHECKED BEFORE YOUR VIEWING
With physical viewings returning to The Reach and to make sure you have the best chance of owning a home at this stunning apartment, we advise that you complete an affordability check by SRC prior to attending your viewing.
Get in touch with SRC for your free affordability check to understand your ﬁnances in more detail.
Call: 01268 280096
Recommended Guidance Affordability
To give you the best chance of owning a home through Shared Ownership at The Reach, we recommend that you have the following guidance household income and deposit;
1 bed apartments: Starting from £68,750 (25% share of full market value £275,000) with a guidance income between £35,795 - £90,000 p.a. and a deposit of £6,875.
Although the above is a guidance, we recommend that you get in touch with SRC 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 The Reach. 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 SRC 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.