Being a first-time buyer involves a lot of research and calculations to find out how much you can afford. This is why we’ve created an Affordability Calculator to help you get your answers faster and make the process of buying an easier experience.
With the help of our Shared Ownership Affordability Calculator, you can easily work out how you can afford your dream home and get a better understanding of your monthly costs.
How to use the Affordability Calculator
Firstly, you will need to know the price of the property you want to buy, how big a share you’d like to purchase and the percentage deposit that you wish to put down.
For the second part, you will need to know the interest rate and term of the mortgage that you are looking to get. This will help to calculate your our overall monthly costs.
Once you have this information, you can then head to our Affordability Calculator page and input all your details.
The Affordability Calculator will then provide you with information on the minimum household income required to purchase a given property, as well as the amount of savings you will need for the move. Lastly, you will learn about your estimated monthly costs for your dream home. This cost combines your mortgage repayments and estimated monthly rent.
Please note, this calculator gives you an indication of affordability only. Please speak to us for detailed information around the costs of purchasing your Shared Ownership home.
Where to find the information needed
To find your property price, you can head to the ‘Price List’ section, available in every property listing on our website. To find out about the minimum share you can purchase, please note that each development will include information on starting costs and minimum shares. For example, Trent Park has a minimum of a 30% initial share, whereas the minimum initial share at Leon House is 25%.
To learn about your mortgage fees, contact your mortgage broker or provider. Please note that Interest rates will vary depending on your personal circumstances.
If you have questions and want to speak to an expert for the right advice, don’t hesitate to contact us and one of our advisors will be happy to help you. Alternatively, head to our social media profiles on Instagram and Facebook (@legalandgeneralaffordable) to ask your Shared Ownership questions. #LandGAH