So, you want to get on the property ladder in London via Shared Ownership, but aren’t sure how to begin the process? We’re here to help you get started. Scroll down for our top tips on navigating the Shared Ownership application process with Newlon Living.
Buying a Shared Ownership Flat in London
From initial enquiry to completion, we’re here to support you through the process of buying your Shared Ownership home in London. You can find a full step-by-step guide to our buying process here, detailing what you need to do at each stage.
Top Tips for a Smooth Shared Ownership Application Process
Make Sure You’re Eligible for Shared Ownership
First things first, make sure you meet the eligibility criteria for Shared Ownership in London as outlined below.
- Your gross household income must not exceed £90,000 per annum
- You will be expected to be a first time buyer, although some applicants who previously owned a home may be eligible (e.g. relationship break up, relocation due to work)
- You must not own a home anywhere in the world (unless a court order forces you to remain on the deeds of a property where your children reside)
- You must be unable to afford a suitable home for your family size on the open market
- You must be financially able to buy the minimum share available and pass a financial assessment
- You should be a British or EU/EEA citizen or have indefinite leave to remain. Applicants without indefinite leave to remain must prove they are able to secure a mortgage with an acceptable lender.
If you can tick off all the above, the next step is to register your interest in one of our properties or contact our sales team.
Ensure You Have Enough Savings
As part of the Shared Ownership application process, you’ll require a financial assessment with an approved independent Financial Advisor. This is to ensure that you’re financially eligible for the scheme. These include:
- £500 reservation fee
- Mortgage valuation or survey
- Legal fees
- Stamp duty where applicable
We recommend you have approximately £5000 in savings to cover these costs, in addition to the deposit required for the property.
Complete the Application Form
To apply for Shared Ownership in London with Newlon Living, you’ll have to fill in our application form. The form has 14 sections and takes approximately 20 minutes to complete. Make sure you’ve filled in all the necessary information and digitally signed the form in the required field before submitting your application.
Gather Relevant Documents for Your Mortgage Application
Getting a mortgage for one of our Shared Ownership London homes requires a separate application process. For this to go as smoothly as possible, it’s a good idea to gather the necessary documents in advance so they’re ready to send to your lender when the time comes. Documentation lenders require can include, but is not limited to:
- Proof of identity
- Proof of address
- Proof of income
- Bank account statements
- Proof of deposit/funds
If you’re wondering how much deposit you need and what mortgage repayments you can expect to pay on a Shared Ownership home, you can get an indication by using our mortgage calculator.
Are you ready to get started on your homebuying journey? Explore our Shared Ownership homes in London and take a step onto the property ladder with Newlon Living.
