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Get a better understanding of the process

How does the mortgage process work?

Here’s what to expect during the mortgage process

  1. You’ll have a Conversation with your Mortgage Adviser about your needs and requirements

  2. We send you your mortgage quote (ESIS document)

Log in details created, so you can track your case and view documents:

  1. Proceed to Approval stage when you are happy with the quote(AIP)

  2. We’ll send you a list of required documents for the lender

You log in and upload your documents

  1. Documents checked and passed to lender

  2. Lender instructs the valuation on your new home

  3. Valuation report assessed alongside all other documents

Mortgage offer produced your formal contract between you and the lender

  1. Solicitor receives the offer and finalises all the legal work

  2. Exchange of contracts – This means you are legally committed

  3. Completion day – you get the keys

For more information on mortgages please view our guides:

What is a shared ownership resale?

Resale’s are properties that have already been bought through shared ownership in the past, and where the owners are now looking to sell their share and move on.

How does it work?

Just like Shared Ownership, you will only be able to purchase the same or larger share in the home as the existing owner, sometimes you can buy more shares at this initial purchase stage, you will also have rent to pay on the remaining shares not purchased. You will need to raise a mortgage to purchase your share and you will need a deposit of at least 5% of the share price.

What homes are available?

This is constantly changing, just like the standard property market, you can find resale shared ownership via property search sites and via local Housing Associations.

What are my options after buying a resale home?

You can buy additional shares, called ‘Staircasing’, at a later date until you own 100%, depending on your lease. If you increase your share in the property, your rent is re-calculated and reduced proportionately.

What is staircasing?

If you have previously bought a shared ownership property you have the option to buy more shares in your home, known as staircasing. Most leases allow you to buy extra shares in your home after you have made your initial purchase and some allow you to eventually own 100% of your home. You can usually purchase additional shares in stages of 10% or 25%, depending on what it says in your lease.

The amount you pay for the share will depend on the current value of your home. The amount of rent that you pay on the unsold share will reduce accordingly but if you staircase to 100% there will be no rent to pay. There may still be a service charge to pay on some properties.

Do you still have questions?

Visit our FAQ's section to see if we can answer your question