Shared ownership housing

[Pinkyxx]

Hello,

I'm a single parent and have been unable to afford to buy a home as normal market properties are just way out of reach of my salary. A new build development has started which will have some affordable housing including shared ownership.

I'm doing the application through Help to Buy site and really struggling to find out the criteria they use to ''evaluate' an application. My salary is well within the threshold but the form also asks for what savings I have. I have a pretty healthy pot as we've lived very frugally because I've been trying to save a deposit for the last 10 years in the home that a large deposit would bridge the gap between what I could get on a mortgage and purchase price ( sadly that plan didn't work out as house prices keep going up and my salary doesn't!).

My question is does anyone know if they have a max amount for savings after which you're not eligible?

Thanks in advance for any insight anyone has x

I think they ask because they want to make sure you have enough for the deposit on the share you want to buy plus the legal fees.

I would find out what the minimum and maximum amount you can buy up front and staircase to.

They want savings/deposit to covers all the legal and other costs, should give you a better interest rate too!

I’m not aware of any maximum, I’m pretty sure there isn’t one as long as you can’t afford to buy on the open market with it.

‘Pretty sure’ is probably not what you’re looking for though! So in case it’s a helpful comparison for you - we put down 35k deposit on our 35% share of a 365k house and that was fine.

We are buying shared ownership with no mortgage. So no there is no maximum savings. They will expect you but the biggest share you can afford.
Your savings are your deposit , you then get a mortgage to make up the rest of the share.
So for example:
House £200,000
Your savings £15,000.
You buy 25% share .
You are buying £50,000
Deposit maybe £10,000
Mortgage £40,000
Your remaining savings £5,000 used for legal fees and moving costs.

Thanks everyone, this is really helpful.

@ClaraThree I'm just starting out with a shared ownership application but also without a mortgage. I'm at the financial assessment stage at the moment for affordability. Are things going smoothly for you?

How did you all find your conveyancers?