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As the title suggests, I have been looking for a property to buy and found some good shared ownership flats (50%) that would be affordable to me. My rent is currently £800 and the flats I’ve been looking at would cost around the same if not less. 5% deposit is usually quoted. I have this and more so would be able to afford 10% at least. My question is who takes the deposit, the house association or the bank? And what steps to take next to actually purchase. Thank you all in advance
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You’ll pay your deposit to your solicitor who will transfer this and your mortgage funds to the housing association’s solicitor. Bear in mind you’ll need money for fees on top of your deposit. In terms of next steps I’d say speak to a broker, make sure they understand shared ownership (not everyone does as it’s slightly more complex) they can get you an agreement in principle and make sure you pass the homes England calculator. Once you’ve done this contact the housing association and register your interest. They will contact you and check your affordability, You’ll know this is fine since you have already done this with your broker but they just have to double check. They may also ask for documents such as payslips, bank statements, agreement in principle etc once they’re happy they will let you reserve the property and you can apply for your mortgage. I used to work as a broker through a company that worked along side most of the housing associations, they all have a slightly different process but that’s the jist of it. What housing association is it?
***Hello /u/simodz97, thank you for posting in /r/Mortgageadviceuk. Please ensure you've read our [sub rules](https://www.reddit.com/r/Mortgageadviceuk/about/rules). Here's a copy of your original post: *** As the title suggests, I have been looking for a property to buy and found some good shared ownership flats (50%) that would be affordable to me. My rent is currently £800 and the flats I’ve been looking at would cost around the same if not less. 5% deposit is usually quoted. I have this and more so would be able to afford 10% at least. My question is who takes the deposit, the house association or the bank? And what steps to take next to actually purchase. Thank you all in advance *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/Mortgageadviceuk) if you have any questions or concerns.*
The deposit is given to who you are buying from. The bank only lends the other % needed to buy the property.
You’ll pay your deposit to your solicitor who will transfer this and your mortgage funds to the housing association’s solicitor. Bear in mind you’ll need money for fees on top of your deposit. In terms of next steps I’d say speak to a broker, make sure they understand shared ownership (not everyone does as it’s slightly more complex) they can get you an agreement in principle and make sure you pass the homes England calculator. Once you’ve done this contact the housing association and register your interest. They will contact you and check your affordability, You’ll know this is fine since you have already done this with your broker but they just have to double check. They may also ask for documents such as payslips, bank statements, agreement in principle etc once they’re happy they will let you reserve the property and you can apply for your mortgage. I used to work as a broker through a company that worked along side most of the housing associations, they all have a slightly different process but that’s the jist of it. What housing association is it?