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    • Ybot12345
    • By Ybot12345 15th Mar 17, 4:57 PM
    • 2Posts
    • 0Thanks
    Shared ownership - chances of acceptance
    • #1
    • 15th Mar 17, 4:57 PM
    Shared ownership - chances of acceptance 15th Mar 17 at 4:57 PM

    I'm hoping that somebody on here may be able to offer their opinion to stop me from going crazy!

    Me and my girlfriend have found and been allocated a shared ownership house. Full value £395k, of which we are looking to take a 25% share of £98750. We have a 10% deposit saved up and about an additional £3k to cover other moving costs. The monthly rent will be £678 and service charge is £32 - so easily affordable considering mortgage will be around £440 a month..

    I'm very worried that my debt is going to mean there's no chance we can get the mortgage we need though.... we've already done an affordability assessment with the housing association which was fine, and we've done the online affordability checks too which have said that we could be offered up to £181k, so well above what we actually need.

    I'm on £39k and my girlfriend is on £31k. She has no debts at all, and I have 3 credit cards with c.£7k debt on - all of which I'm overpaying and have been for 6 months to bring down, and am in overdraft on two accounts, one £750 and the other £500. Payments always made on time.

    Could anyone please put me out of my misery and let me know whether it's pointless going any further?!

    Thanks for any help you can offer!
Page 1
    • donfanatico
    • By donfanatico 15th Mar 17, 7:17 PM
    • 449 Posts
    • 203 Thanks
    • #2
    • 15th Mar 17, 7:17 PM
    • #2
    • 15th Mar 17, 7:17 PM
    Since you are not borrowing that much, maybe she could be the main applicant? Not sure if that makes a difference but I'm sure someone else could advise.
    • Ybot12345
    • By Ybot12345 15th Mar 17, 7:32 PM
    • 2 Posts
    • 0 Thanks
    • #3
    • 15th Mar 17, 7:32 PM
    • #3
    • 15th Mar 17, 7:32 PM
    Thanks for your advice, we're meeting with a broker on Friday so I'll see whether this could be a potential option!
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