Shared Ownership

a) Maximum term of the loan is 35 years
b) Minimum age of borrower(s) is 18 and there is no maximum age of main borrower at loan repayment.
c) Minimum part share is 25%, subject to a minimum loan of £50,000
d) Maximum loan is limited to 90% LTV of share being purchased
e) If the opportunity to ‘staircase’ to ultimately own 100% of the property does not exist, the case should be referred for consideration, providing full details of the restrictions that exist.
g) The lease must contain the appropriate mortgagee protection clause to ensure that the Society is indemnified against any loss encountered as a result of a possession situation.
h) Shared Ownership properties with restrictive covenants i.e. occupants must be local to the area, will be considered on a case by case basis.