EXPERTS
Agony agent Readers put their property questions to our guest panel of experts: solicitors, mortgage advisers, property gurus and Help to Buy providers
THIS MONTH’S PA N E L O F E X P E R T S Sue Dance, Sales & Commercial Manager, Grand Union Housing
Andrew Theoff, Managing Partner, Direction Law
Peter Hawley, Director, Shared Ownership, Leaders Romans
Oak View Court, Milton Keynes, 18 apartments for shared ownership sale, guide price from £205,000 grandunionliving.co.uk
Not enough deposit
T E S T T H E PA N E L
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84
Q
My husband and I have been saving for some time to buy our first home together and were hoping to purchase this year, but we just don’t have enough deposit as yet and we’re worried that prices seem to be going up all the time, putting our dream home out of reach. We’re ideally looking for a two bedroom apartment in a modern building with good transport links. We currently rent in Bletchley and I am a nurse based at Milton Keynes University hospital. My husband, Rakesh, is a signage fitter so he travels all around Buckinghamshire and Bedfordshire for his work. We would be grateful for any advice. Thank you. Akira Chandra, Bletchley
A
Shared ownership is a great solution for a couple who can’t quite reach the deposit needed for a property on the open market, as the maximum salary income cap would be your two combined salaries, allowing flexibility.
Outside of London the cap is £80,000 or inside London it’s £90,000. Also, you’ll only need to provide a 5% deposit of the share you’re purchasing, so you may qualify already! Remember to allow enough for legal costs and moving expenses on top though. For example, you could buy a 35% share of a two bedroom apartment at Oak View Court, Walnut Tree, Milton Keynes (very close to your work) for £71,750 (guide price £205,000 full market value). The deposit would be much more affordable than buying on the open market. Speak to an independent financial adviser who specialises in shared ownership to check you can qualify. With most shared ownership properties, you could purchase more shares until you own 100%, as your careers progress and you are able to afford more. You pay rent on the balance you do not own, and this reduces as you buy more shares. Good luck with your search! Sue Dance
First Time Buyer February/March 2022
FTB 84-85 Agony Agent February-March22.indd 84
18/01/2022 13:28
