Understanding the Shared Ownership Calculator

Shared ownership is an innovative scheme that helps make homeownership more accessible by allowing you to purchase a share of a property and pay rent on the remainder. Our calculator helps you understand the financial implications of shared ownership and plan your budget effectively.

How to Use the Calculator

Using our shared ownership calculator is straightforward. Simply input the following information:

1. Property Full Market Value: Enter the total value of the property you’re interested in.

2. Share Percentage: Input the percentage of the property you plan to purchase (typically between 25% and 75%).

3. Mortgage Term: Enter how many years you plan to spread your mortgage payments over.

4. Interest Rate: Input the mortgage interest rate you’ve been offered or expect to receive.

Understanding the Results

The calculator will show you:

• Share Value: The actual amount you’ll need to get a mortgage for

• Monthly Mortgage Payment: Your estimated monthly mortgage payments

• Monthly Rent: The estimated rent on the share you don’t own

• Total Monthly Cost: Combined mortgage and rent payments

Making an Informed Decision

Remember that these calculations are estimates and actual costs may vary. Additional costs like service charges, insurance, and maintenance aren’t included. Always consult with financial advisors and housing associations for complete information about shared ownership agreements.