Get Mortgage Ready
Securing a mortgage is a key milestone on your journey to owning a shared ownership home
It’s more than just paperwork; it’s about turning your dream of homeownership into reality. Whether you are stepping onto the property ladder for the first time or making a new start, being mortgage-ready can open the door to a future filled with new possibilities.
We'll help you navigate this crucial step, giving you the tools and confidence to make the process as smooth and stress-free as possible. Your new home is closer than you think—let's get you ready to make it yours.
Shared Ownership
When buying a shared ownership property, you can purchase between 10-75% of the market value, depending on how much you can afford, then pay a low monthly rent on the rest of the share.
You can buy bigger shares, also known as staircasing, later down the line when you can afford to.
Working with experts in Shared Ownership Mortgage Applications
We have been working closely with The Mortgage Advice Bureau (MAB) to help you get your Mortgage ready ahead of your application for a Shared Ownership application.
Who are MAB?
Mortgage Advice Bureau is a leading UK mortgage intermediary that provides expert advice across a comprehensive range of mortgage products, including shared ownership schemes.
Mortgage Advice Bureau works closely with Love Living Homes to help would-be buyers with mortgage assessments to secure the home of their dreams. They are here to make the process of Shared Ownership as simple as possible. We know you will have lots of questions at this time, so together we can provide guidance on how you can best prepare for purchasing a property from Love Living Homes.
In some instances, there may be a fee for mortgage advice. An initial financial assessment with MAB is free, however there will be a fee for arranging the mortgage if you proceed to purchase a newly built home. You can contact them via Love Living Homes. Other branches of the Mortgage Advice Bureau may charge a fee. The actual amount you pay to them will depend on your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed and a typical fee for a shared ownership purchase is £395. This includes future remortgage/staircasing applications at no further cost.
Free Guide
Download our Get Mortgage Ready guide
Applying for a Shared Ownership Love Living Home
When you apply for shared ownership, you can initially purchase a share between 10% and 75% (depending on the lease) of a property and pay rent on the remaining share. In time, you can purchase up to 100% of your home through staircasing.
Application Process
MAB can help you submit an application to Love Living Homes, but you will be asked to provide proof of income, savings, identification, and other necessary documentation.
Getting Mortgage Ready
Getting yourself as mortgage-ready as possible - ideally from around three months before buying – means that when the time comes, you will be in a much stronger position and your application could go through quicker.
Loans
Try to pay off any outstanding loans before you apply for a mortgage and avoid taking out any more loans in the meantime. This includes any buy now, pay later providers such as Klarna and Clear Pay.
Regular Saving
If regular savings can be traced on your bank statements, it helps provide evidence of your affordability.
Electoral Roll
Ensure you are on the electoral roll and that all bills are registered at your current address, so everything is easy to trace.
Keep on Top of Payments
Ensure you pay all your bills on time to prove you are reliable and financially independent. Try not to gamble online.
Employment
It is advisable to stay in the same employment for at least six months as it provides evidence that you have a regular, stable monthly income. Also, ensure you have at least 6 months’ worth of play slips available.
Consider your Credit Rating
Using a credit card responsibly can help improve your credit score, showing that you can look after your finances and pay off debts within a certain timeframe. Consider tools such as ‘Check My File’ which will highlight any discrepancies and provide hints and tips on how to strengthen your credit score.
Gather Documentation
Make sure your documentation (e.g. bills, payslips, statements etc) are all in order and easily accessible. You will need to provide your last three months' bank statements. MAB uses these to assess spending habits.
Deposit
Aim for as much deposit as you can. The more you can put down the better. You will be asked to provide evidence of where your deposit comes from.
Prepare for Additional Costs
Remember to budget for additional items that might occur. These may include arrangement fees, valuation fees, legal costs moving costs and, of course, furniture and decoration costs.
Seek Professional Advice
Speak to MAB for tailored advice and access to a wider range of mortgage products.
The Love Living Homes Sales team is also here to help for everything Shared Ownership.
Love Living Homes is the trading name of Town & Country Housing, Monson Road, Tunbridge Wells Kent TN1 1LQ
Register your details
Register your interest and our Sales Team will keep you updated on dates and availability.