text: Applying for the Shared Ownership scheme is a straightforward process. Just follow these steps:
  1. Determine your eligibility:
  To be eligible, this typically means you’re a first-time buyer, an existing shared owner, or someone who used to own a home but can’t afford one currently. Your household income should be below £80,000 per year (or £90,000 in London).
  2. Research and find suitable properties:
  Once you’re confident about your eligibility, you can begin to explore available Shared Ownership properties. You can browse through dedicated websites or get in touch with housing associations directly. While looking, you should consider factors like location, size, and affordability to narrow down your options.
  3. Contact a mortgage broker:
  To navigate the mortgage application process smoothly, it’s highly recommended to contact a mortgage broker who specializes in Shared Ownership. They’ll provide expert advice, help you choose the right shared ownership mortgage, and guide you throughout the application process.
  4. Obtain a Decision in Principle (DIP):
  Getting a Decision in Principle (DIP) is a helpful step because it helps you to understand your budget and helps streamline your application. A DIP is a document from a mortgage lender stating the amount they’re willing to lend you based on your financial information.
  5. Complete the application:
  Once you’ve selected a property and secured a DIP, it’s time to complete the application. This involves submitting necessary documents such as proof of income, identification, and bank statements. Your mortgage broker will assist you in ensuring all the required information is provided accurately.
  6. Wait for the mortgage offer:
  After submitting your application, the lender will review the information and carry out assessments like credit checks and property valuations. Once approved, you’ll receive a mortgage offer outlining the terms and conditions of your shared ownership mortgage.
  7. Exchange and completion:
  Once you receive the exciting news of your mortgage offer, it’s time to take the next steps towards securing a home. Now, you’ll have the opportunity to exchange contracts with the housing association or developer. At this stage, you’ll also be required to pay the agreed deposit.