Shared Ownership Mortgage Calculator
What Could Shared Ownership Cost Each Month?
With Shared Ownership, your monthly housing cost isn’t just the mortgage. You’ll usually have a mortgage payment on the share you buy, rent on the share you don’t own, and a monthly service charge to consider too.
Our Shared Ownership Mortgage Calculator brings those costs together, giving you a clearer idea of what a particular property and share could cost you each month.
Enter the full market value of the property, and choose the share you’re considering buying. Then add your deposit, estimated mortgage rate, mortgage term, and service charge. The calculator will estimate:
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the value of the share you would buy
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the mortgage you may need
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your monthly mortgage repayment
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rent on the remaining share
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your estimated total monthly housing cost.
It can be particularly useful if you’re comparing different share sizes and want to see how buying a larger or smaller percentage of a new home could affect the balance between your mortgage and rent. Or if you're looking to 'staircase' (buy a bigger share in the property you already partly own).
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Understanding Your Results
Your estimated monthly housing cost combines three main figures:
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your estimated mortgage repayment
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rent on the share you do not own
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the monthly service charge you enter.
Looking at these together can give you a more realistic idea of the ongoing cost than looking at the mortgage payment on its own.
Remember that the calculator is only an illustration. The actual figures for a Shared Ownership property will depend on the share available, the rent charged by the housing provider, the service charge and the mortgage available to you.
How Is the Estimated Rent Calculated?
The calculator uses an estimated annual rent rate on the share of the property you do not own.
For many new-build Shared Ownership homes in England, rent is commonly set at around 2.75% of the value of the unsold share, although the actual rate can vary.
If you already have the property details, use the rent information supplied by the housing provider wherever possible rather than relying on an estimate.
What Happens When You Change the Share?
Try moving the share slider to compare different purchase percentages.
A larger share will usually mean:
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a higher purchase price for your share
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a larger deposit and/or mortgage
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lower rent on the remaining share.
A smaller share can reduce the amount you need to fund with a mortgage initially, but you will normally pay rent on a larger proportion of the property.
This is why it can be useful to compare the overall monthly cost rather than focusing on just one figure.
Want to Understand Your Options Properly?
The calculator can give you a useful starting point, but it doesn't assess whether a particular share or mortgage would be affordable for you.
Our Shared Ownership mortgage advisers can look at your income, deposit, property costs and lender criteria to help you understand what options may be available.
Read our guide to Shared Ownership mortgages or speak to an adviser if you would like help looking at your figures.
Important Information
This calculator provides an illustration only and is not an affordability assessment or mortgage recommendation. Actual mortgage rates, repayments, rents, service charges and available shares will vary.
General information only; not personalised advice.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Meet the Team That’s Got Your Back
Shared Ownership can involve a few more checks than a standard mortgage, so it helps to speak to someone who understands how the mortgage, housing provider and affordability assessment all fit together.
Our dedicated Shared Ownership team can help whether you’re buying your first share, remortgaging, staircasing, or moving from one Shared Ownership home to another.
You’ll deal with an adviser who can explain the process clearly, check lender criteria, and support you from your first questions through to completion.
Your property could be at risk if you do not keep up repayments on a mortgage, or any debt secured on it.