Discount Full Ownership: Costs and affordability

What is the required deposit for Discount Full Ownership?

Currently provided by Pocket Living and supported by the Mayor of London and Homes England, Discount Full Ownership homes are specifically designed for middle-income buyers in London. With Pocket Living, properties are sold for at least 20% below local market prices, enabling buyers to purchase 100% of the home outright.

To buy a property under this scheme, you will need to arrange a mortgage, which will typically require a deposit of 15% of the sale price. The amount of deposit required will depend on the mortgage provider you choose, the terms of the mortgage, your income, and your credit rating.

Are there any additional costs when buying a Discount Full Ownership home?

Along with your deposit, it’s important to also factor in additional fees that you’ll need to cover in the home-buying process such as the cost of the mortgage valuation or survey, legal fees, and any Stamp Duty (if applicable), which typically comes to around £4,000, but could be more or less.

Furthermore, in addition to your mortgage repayments, when you move into your new home, you will also need to pay a service charge for maintenance and upkeep of communal areas and the grounds of your building – this varies from building to building.

How much can I borrow?

For detailed advice on securing a mortgage to purchase a Discount Full Ownership home and to understand how much you may need to borrow, we recommend speaking with a specialist mortgage broker. Their expertise can help answer your questions, guide you through the process, and identify the most competitive mortgage deals available.

If you’d like a rough estimate of your borrowing potential before reaching out to a broker, you can use our mortgage affordability calculator to get started.

Where should I begin my search for Discount Full Ownership property?

Do you feel ready to take your first step towards owning a home through the Discount Full Ownership scheme? Explore our property portal to discover the latest homes available and find the right one for you. You can also learn more about what the scheme is, including the eligibility criteria on Share to Buy. Discount Full Ownership offers an exciting opportunity to secure a home to call your own. Find your space today.