For the use of mortgage intermediaries & other professionals only

Shared ownership process changes

To help ensure Shared Ownership applicants receive the most accurate mortgage offer for their circumstances, we are introducing a route to verify that the rental amount to be paid is lower than that assumed in our affordability calculation. This may enable some applicants to achieve a higher maximum loan amount.

From Friday 10 November, a new message will show on the Shared Ownership applications where we may be able to review the maximum loan showing as available:

  1. The new message will show at Decision In Principle (DIP) stage:

    The maximum mortgage amount assumes a higher shared ownership rental amount than keyed; a review of the maximum loan available may be considered with proof of the rental amount to a Key Information document or Memorandum of Sale.

  2. Proceed to full application and upload proof of the Shared Ownership rental payment i.e. Key Information document or Memorandum of Sale.

  3. We will review the application and advise if the loan amount requested is available or, if not, what the maximum loan amount would be.

You can use our affordability calculator to give an indication whether an increased loan amount may be considered. Please continue to key the Shared Ownership rental payment in the ‘Credit commitment monthly payments to remain’ on the calculator.

We will also now verify the Shared Ownership rental amount for all non-new build properties. For applications accepted at DIP stage, the above message will show at full application stage and the same process including uploading proof of the rental payment should be followed.

This new process applies to applications started from Friday 10 November, and only when the new message shows. Proof of Shared Ownership rental payments is only required where requested and should not be uploaded for any other applications.

Please see our Criteria page for more information on Shared Ownership.