Can I afford to buy a share?

Buying a property is a serious financial undertaking and if you are considering shared ownership you should get financial advice from a registered adviser, for example your bank.

Ask yourself the following questions:

• are you in a permanent job, and is it reasonably secure?
• do you earn enough to pay off the mortgage, rent and any other responsibilities that you have (such as unexpected repairs, insurances, bills and council tax)? - don't include overtime in this calculation
• would you be able to meet any increases in your monthly payments if mortgage interest rates and your rent were to go up?
• how much will you have to pay for your legal fees, disconnection and re-connection charges and removal costs?
• how would you pay your rent or mortgage if you fell sick and were unable to work?
• will there be any additional costs to living in your home, such as service charges?

You will need to provide us with a valid mortgage offer together with evidence of your income and savings, as proof that you can afford to buy, maintain and keep up rent and mortgage payments on a property. And you will be asked to complete a financial statement before any formal offer of a property can be made.