is this a good deal

beecher

What does your solicitor say?

One thing to do straight away is make sure you can afford the mortgage if rates double. Put the figures in here to check them.

http://www.moneymadeclear.fsa.gov.uk/tools.aspx?Tool=mortgage_calculator

shellnapier

havnt seen a soilctor yet, just went to bank first, who said they will nominate a solicsotr if we buy, again this si jsut the 1ST step before filling in application we know nd to wait unitll we see if we are elbiable

beecher

shellnapier wrote: »

havnt seen a soilctor yet, just went to bank first, who said they will nominate a solicsotr if we buy, again this si jsut the 1ST step before filling in application we know nd to wait unitll we see if we are elbiable

First thing I have always done when buying a house is sorted out a solicitor who I trust. You can get an appointment with them where they'll go through all the costs which you might not be aware of - you need to know the full picture before applying, and they're the best person to advise you. I'd have been lost without my solicitor.

shellnapier

yes i understand this... however we havnt even aplied so we just wanted an idea, IF we could afford it, and How much it would be, not paying 100s for a solictor ti then not get the house and waste money

shellnapier

when we went in we said maxium we want to pa was 700 a month
worst case interest up by 5% would be 630

shellnapier

so what should i do know go back adn tell the bank there wrong, and ask how mucha deposit i need

Thriftysaver

Maybe the 35% shared amount with the La is 'allowed' as the deposit, as they would be a 'good risk' so effectively you have a 35% deposit. When I bought my council house many years ago I had a 39% discount so did not need a deposit. I know this is different as you are buying with the La but maybe it works similarly. HTH

opinions4u

shellnapier wrote: »

so what should i do know go back adn tell the bank there wrong, and ask how mucha deposit i need

Read post 9 again.

It would be REALLY helpful if you could post details of the actual shared equity purchase scheme.

I'm more than willing to back track if those details show clearly that the other part of the scheme can be used by the mortgage lender as a deposit.

beecher

if it is a new build, and the OP is in Scotland it may be this

http://www.scotland.gov.uk/Publications/2008/08/18141633/0

If it is, then read this carefully along iwth

http://scotland.shelter.org.uk/getadvice/advice_topics/finding_a_place_to_live/shared_ownership/shared_equity/paying_for_a_new_supply_shared_equity_property

and get professional advice. This bit looks as if it is key

You'll also need to take into account the other costs of buying a home, including:

• a deposit - in most cases you'll need to provide at least 5% of your share upfront from your own funds

shellnapier

the lady in the bank said... because the council are provding the 35% this is liek your deposit, as this scheme is only aimed at people with no savings at all. icant post detials of the scheme as there is nothing about it online, its the first of its kind in our area. guess all just have to go with what the bank told me, put in app ti get house n if we are chosen as one of the lucky ones, talk to soilctor if we decide to go ahead. not much more i can do. i am trusting the advise from the bank mortgage advisor.