Top Five Mistakes made with Shared Ownership

1.    Buyers think they aren’t eligible as they work for private companies and are not government employees. Typically people who jointly earn up to £30k outside of London or £60k within London can be eligible.

2.    Not realising you have to pay the mortgage every month as well as rents on top and that these rents can be increased pretty much when the housing association feels like it.

3.    You don’t get a specialist legal company to help you with the paperwork that is working purely for you, not on behalf of the housing association or developer.

4.    Not approaching a specialist lender that is experienced with offering mortgages on shared ownership properties.

5.    That even if your circumstances change and you own a shared ownership home you can stay for up to five years in some cases before you have to leave and buy somewhere else.

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