Shared Ownership Problems

Fazakerley

I am currently trying to buy a property on shared ownership with a Housing association, but I have a problem. My girlfriend and I are both self employed, and we were looking for a self certified mortgage, but am told that such things do not exist for shared ownership properties.

More details: My girlfriend and I have a 10% deposit, and our share of the property will be about 150,000. Our budget will stretch to paying about 1000 a month in mortgage payments.

Can anyone help please?

mummytofour

http://www.sherwins.co.uk/sharedownership.html

Are pretty good on the shared ownership morgages, otherwise a whole of market broker.

AndrewSmith

Hi,

With a 10% deposit I would say it is not impossible to obtain a self certify shared ownership mortgage.

Also, £1000 per month should allow you to have a 90% mortgage on a share of £150,000 on a repayment basis (assuming 25 years of course).

It will also depend on your credit history and how you have conducted your current and credit card accounts.

Hope this helps

Andy

Fazakerley

Thanks very much for the replies. I spoke to Sherwins, and sadly they don't do self certified mortgages for shared ownerships, and are pretty sure that no one else does either. Ah well, looks like I won't be able to buy after all.

Debt_Free_Chick

Why must you go self-certified? Do you not have 3 years accounts?

mummytofour

Fazakerley wrote:

Thanks very much for the replies. I spoke to Sherwins, and sadly they don't do self certified mortgages for shared ownerships, and are pretty sure that no one else does either. Ah well, looks like I won't be able to buy after all.

Aww thats a real PITA, sorry.