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Shared Ownership - I'm First Time Buyer, Partner Isn't?

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NoNoDrama
NoNoDrama Posts: 237 Forumite
in House buying, renting & selling
How does it work in this scenario then? She bought property 10 years ago but had repossession and bankruptcy (both over 6 years ago).

Ideally as the bedroom restriction has been lifted I would just disown her financially and have her has a lodger and me with full financial responsibility.

However pretty sure I would fail any affordability criteria without her named.

2 x salary for mortgage (25% S/O) with the rent and service charge total % of wage for house would be 45% of my monthly salary?

Comments

  • 00ec25
    00ec25 Posts: 9,123 Forumite
    Combo Breaker First Post
    Options
    what is your question?

    FTB in terms of ?
    - mortgage?
    - SDLT?
    - ability to buy a SO?

    the impact of her having already owned property depends on your question (and whether partner = married to each other)
  • NoNoDrama
    NoNoDrama Posts: 237 Forumite
    edited 10 January 2018 at 12:12AM
    Options
    Terms of S/O.

    But as the bedroom restriction has now been lifted (e.g single person can now bid for 4 bedroom) guess my real question would be can I take on the whole financial responsibility and then move her in without a financial association?

    Not married.
  • haras_nosirrah
    haras_nosirrah Posts: 2,208 Forumite
    Options
    I specialise in shared ownership and have done for 11 years.

    you don't have to be a first time buyer to get a shared ownership. You just have to demonstrate that you just cannot currently own a property anywhere in the uk or the world and also must meet the affordability criteria.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • PrettyinPink
    PrettyinPink Posts: 2 Newbie
    First Anniversary
    Options
    I'm trying to sell my shared ownership property, I've had a positive experience with SO. In your experience how long does it take to sale is there anything I can do? What's the process

    Many thanks
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