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Shared Ownership advise please?
Oxigin_2
Posts: 12 Forumite
Hi All,
I had a defaulted credit card about 2 years ago which was settled in Nov of last year,
Myself and my girlfriend are looking into a shared ownership of a house,
The house cost in total £182k, However we are only wanting to borrow about £48k (Which is less then our joint income in 1 year before tax)
We have booked Friday off to go around a few banks to see if any of them can offer us any money, My question is
If the banks are doing credit checks on us (like upto 3/4 on Friday) to check if they can offer us any money will this affect my already bad credit rating ? and more importantally will it affect my girlfrinds good rating ?
Also if they reject our joint application and she was to try a single application again would the 3 seaches get her automatically rejected ?
Last thing..
In the unlikely outcome that we get offered a mortgage whats the best kind to go with ?!
We have never applied to buy a house before so frankly we feel very much out of our depth ! =/
Any advise would be great
Many Thanks
I had a defaulted credit card about 2 years ago which was settled in Nov of last year,
Myself and my girlfriend are looking into a shared ownership of a house,
The house cost in total £182k, However we are only wanting to borrow about £48k (Which is less then our joint income in 1 year before tax)
We have booked Friday off to go around a few banks to see if any of them can offer us any money, My question is
If the banks are doing credit checks on us (like upto 3/4 on Friday) to check if they can offer us any money will this affect my already bad credit rating ? and more importantally will it affect my girlfrinds good rating ?
Also if they reject our joint application and she was to try a single application again would the 3 seaches get her automatically rejected ?
Last thing..
In the unlikely outcome that we get offered a mortgage whats the best kind to go with ?!
We have never applied to buy a house before so frankly we feel very much out of our depth ! =/
Any advise would be great
Many Thanks
0
Comments
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I'm not answering your question as I don't know.
Most people buy into a SO house because it's all they can ever hope to afford, hoping that in the future they might be able to buy another part of it, maybe in many years to come they might be able to buy the rest.
Usually it's because house prices are going up, fast. People leap in because if they miss this one then the next one will cost more.
If you have so much joint income, what's your rush?
House prices are falling. A £183k SO house today might become a £120k 100% house in 2-3 years' time - and you could have saved up a bigger deposit in that time.
So what is motivating you to buy a SO house now, with a recently cleared default, with a small deposit, in a falling market?0 -
Myself and my brother are currently renting a 3 bed town house, It costs us both £650 a month (Rent, bills, Phone, Internet ect...) My brother has moved out now but is willing to carry on paying until the lease is up, (which is April) after which I will need to move, I hate the fact that for 3+ years now I have been paying someone elses mortgage =/
Myself and my girlfriend have wanted to get a house for quite awhile now and my gf recently found out she is being moved for work so that would be adding an extra hour or so on to her travel time, Where as where we are looking would minus the time she would need to travel if you get me?0 -
Shared ownership is fraught with many risks, I'd steer clear tbh."An arrogant and self-righteous Guardian reading tvv@t".
!!!!!! is all that about?0 -
Hi Robin,
What kind of risks ?
Thanks0 -
Rent somewhere with your girlfriend and watch the market for the next 12-24 months. Save up a deposit while you do this, and make sure your credit file is as clean as can be. Then consider buying somewhere without SO.0
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I'd steer well clear of it. SO was just another scheme to squeeze the last dregs out of the market peak.0
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stay clear...this a a geoff wealth warning.......please run a mile....It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
It wouldnt really be worth going for a shared ownership scheme now. With prices falling you could probably buy the whole property in a few months time.0
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Myself and my brother are currently renting a 3 bed town house, It costs us both £650 a month (Rent, bills, Phone, Internet ect...) My brother has moved out now but is willing to carry on paying until the lease is up, (which is April) after which I will need to move, I hate the fact that for 3+ years now I have been paying someone elses mortgage =/
Myself and my girlfriend have wanted to get a house for quite awhile now and my gf recently found out she is being moved for work so that would be adding an extra hour or so on to her travel time, Where as where we are looking would minus the time she would need to travel if you get me?
Wrong, for 3 yrs you have had a roof over your head with no worries about house manitance.
SO is a con, so watch out and be soooo careful.Debt free and plan on staying that way!!!!0 -
everyone is saying shared ownership is bad but i dont understand how it can be, can someone please explain instead of just putting oh its got risks its a scam?
can someone please explain this to me as right now i see it as a way of building a small deposit for the same amount as renting (however niave this may be)Gotta buy a ticket to win the raffle0
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