How many x salary can you usually borrow for shared ownership?

[sharedownershipadvice]

Hi looking for advice please. We have a good deposit but not a great yearly salary at the moment. Not much info on web, does anyone have any clue how much you can usually borrow for a shared ownership mortgage? Not much info online and I’m hesitant to actually ring a mortgage advisor until we know which properties we could afford. Just not sure which way round you’re meant to go about it. Thanks.

Shared ownership house owner here (well, not for much longer as we're in the process of selling it). You need to speak to a mortgage advisor first really as to how much you can borrow / afford in repayments, as it's impossible to answer your question really without knowing more specific information on your salary, deposit etc. Don't forget you will have to pay rent on the % of the property you don't own, so need to factor that into how much you can afford in mortgage repayments each month.

I agree - you'll need to speak to someone. The rent payable varies greatly + interest rates tend to be higher on shared ownership so it will require a proper calculation.

Also, have you worked out what you'd actually be able to afford? If you factor in things like rent, service charge, childcare, commuting and all your other living expenses, you should see what you can afford in mortgage. And you should be able to borrow that if you put together a realistic budget.