Our affordable schemes are for people who can't afford to
buy a suitable property outright, such as first time
buyers or those buying a home following a relationship
Many of our developments receive government funding to
provide affordable homes to people who can't afford to buy on the
open market. As a guide, someone can buy with us if the monthly
cost is less than 45% of their disposable income. Our simple home cost
calculator shows customers what this means for them.
Usually, if a customer can afford to buy outright, they
Our home cost calculator shows when
someone earns enough to easily afford an outright purchase - if the
monthly rent and service charge are 35% or less of their disposable
income, we would consider that they may not need the assistance of
Shared Ownership. They could perhaps buy a larger share of the
property, or if still ineligible, would need to buy on the regular
This depends on the value of the home and the share available.
Our funding means the rent on the remaining share is reduced so
it's cheaper than buying outright.
Owning a share = smaller mortgage and smaller deposit.
In addition to rent, there is a monthly service charge
Customers can find a property then put some example figures into
cost calculator to give them an idea.
Buyers will usually need to have some savings to put
towards a mortgage deposit and to cover legal fees and moving
The deposit needed will depend on the mortgage lender's criteria
and the individual circumstances of the buyer. We do not stipulate
any specific level of deposit.
Riverside Home Ownership must carry out certain work, such as
granting consents, as required by the lease. An administration
charge is also payable for this service.
Step 1 - Overview and development info
Give an overview of the product. Use our literature / website to
Step 2 - Is it right for them?
Use our simple home cost calculator to help see what they can
afford and how different shares can affect the monthly costs.
Step 3 - Understanding the costs
Be clear what percentage of the property the customer will own,
and that rent and service charges are also payable.
Let us see your promotional material, so we can help make sure
the details are correct. We cannot take responsibility for
information published by estate agents.
Step 4 - Contact us or make an application
Get in touch or help your customer complete
our application. Direct them to our how to
Our involvement with 100% owned leasehold property sales is more
limited than with Shared Ownership homes. We act as landlord and/or
management company for these developments.
Under the terms of the lease, we must still perform certain
duties such as granting consent to the lease assignment, however
the purchaser is not required to complete an application form.
We've covered here all of the basics, and the questions that most people ask. There's always more to know though, so if there's anything else, try us!
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