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shared ownership jargon buster by emh

The amount you can reasonably afford to buy, taking into consideration all of your monthly outgoings - shares start at 25% and increase by 5% increments up to a maximum initial purchase of 75%.

A range of schemes to help you purchase a share of a home and get on to the property ladder.

The day when ownership of your property is passed to you and all conditions of the mortgage come into effect. The balance of the purchase price is paid.

Are able/allowed to.

The market value of your home minus the outstanding amount you have to pay on your mortgage.

When both the buyer and seller sign contracts and are then legally bound to complete the transaction.

A government-appointed agent in your region able to offer advice on affordable home ownership up until 1 April 2023.

Independent not-for-profit bodies that provide low-cost social housing for people in housing need.

A professional who can advise you how much you are able to borrow to buy a house and will assist you in finding a suitable mortgage product

Leasehold: The right to hold, occupy and use a property for a fixed period of time at a given price.

A document from the mortgage lender which shows that you have borrowed money and agree to pay the money back to your mortgage lender over a certain time period of time.

Part Buy/Part Rent: See Shared ownership.

Shared Ownership Properties that are being sold on, that have previously been lived in

A set amount of money to cover the upkeep of communal areas payable monthly or annually. Applies mainly to flats.

Where you own part of the property and the landlord (or housing association) owns the other part and rent is paid on the share not owned.

You buy further shares in your shared ownership home, until you own 100% of the property (or lower on some rural schemes)