How to submit a Shared Ownership application

INTERMEDIARIES & INVESTMENT PROFESSIONALS ONLY: NOT FOR PUBLIC DISTRIBUTION
Guide to submitting Shared
Ownership applications
June 2016
Contents
In this guide we’ll cover the key screens on Introducer Internet for submitting a
Shared Ownership application
Throughout this guide we’ll use the following example
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Purchase price = £200,000
50% share being purchased = £100,000
Mortgage = £90,000
Deposit = £10,000 (90% LTV)
Shared ownership rent of £250 pcm
Before submitting the application
Where to get more help?
Introducer Internet - AIP
Introducer Internet - FMA
> Budget planner
> Property details
Tips on using this guide
> Loan required
> Loan purpose
We’ll also provide the screenshots for scenarios where the applicant’s are
remortgaging and looking to buy further shares or the final share
Buying an additional share
Buying final share
These buttons move you forward and
back, home brings you back here
Clicking on this icon throughout the
guide will link you to more information
on the topic
Information that you’ll need to know
when completing the application form
Top tips for completing the application
form
Important information that you must be
aware of when completing the
application form
Before submitting a Shared Ownership application
1
Visit our website - we have a dedicated page on Shared Ownership that includes detailed criteria
2
Complete our affordability calculator to check how much your client could borrow
Affordability calculator
Applicant details
Expenditure details
Ensure the deposit
figure entered is based
on the share your
client will own
In ‘Any other expenditure
you think we’ll need to
consider’ include the cost
of Shared Ownership rent
(£250 in this case) and
also add in monthly
equivalent for ground rent
and service charge (£25 in
this case)
New Application > Financial > Budget planner
In this section you complete your applicant’s budget planner on Introducer Internet
Don’t include the
Shared Ownership rent
or ground rent or service
charge here as we’ll ask
for it later when you get
to FMA.
New Application > Loan required > Loan details
In this section you can provide details of the loan your applicant requires
Ensure you input the
mortgage required. The
maximum we can lend
is 90% of the share.
Make sure you enter the
full purchase price/
valuation and not the
value of the share
New Application > Loan required > Loan purpose
In this section you can provide details of the loan your applicant requires
Select Shared
Ownership as the loan
purpose and input the
initial share the
applicant will own.
Check our Shared
Ownership page on our
website for full details of
our policy.
New Application > Loan required > Loan breakdown
In this section you can provide details of the loan your applicant requires
The deposit in the loan
breakdown includes the
deposit that the
applicant has provided
plus the amount owned
by the Shared
Ownership provider
Full Mortgage Application > Property to be Purchased >Property details
Within this screen complete the property details for the address being purchased
Ensure the tenure of the
property is leasehold
Shared Ownership.
Don’t forget to include
an amount for ground
rent and service charge
(monthly equivalent)
Full Mortgage Application > Loan required > Loan details
On this screen you only need to answer the mandatory questions
Provide details of the
Shared Ownership rent
and address details of
the provider
Remortgaging and raising additional borrowing to purchase an additional share
Loan required > Loan details
Ensure you input the
mortgage required. The
maximum we can lend
is 90% of the share.
Don’t forget to enter the
full purchase price/
valuation and not the
value of the share.
Remortgaging and raising additional borrowing to purchase an additional share
Loan required > Loan purpose
Select Shared
Ownership + Additional
and input the current
share and the additional
share being purchased.
Check our Shared
Ownership page on our
website for full details of
our policy
Remortgaging and raising additional borrowing to purchase an additional share
Loan required > Loan breakdown
Enter the amount
required to purchase the
additional share
Remortgaging and raising additional borrowing to purchase property outright
Loan required > Loan details
Complete these details
as if it was a standard
remortgage with capital
raising
Remortgaging and raising additional borrowing to purchase property outright
Loan required > Loan purpose
Select capital raising as
the loan purpose and
not ‘Shared Ownership
final’
Remortgaging and raising additional borrowing to purchase property outright
Loan required > Loan breakdown
Enter the amount
required to purchase the
final share under ‘To
use for personal
purposes’
Where can I get more help?
Visit our website > Literature to access our Introducer
Internet guides
Speak to your dedicated contact
Enter your Introducer Internet code into the dedicated contact search on our
homepage to find their details
Call our Introducer Internet helpdesk if you need technical support on
0800 085 1198
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