We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
A pondering, looks right but I have suspitions
Fliss_M
Posts: 698 Forumite
My sister has been told by her BF that he wants to split in Jan when the lease is up on the flat.
So come Jan she will be moving back from Leeds to Sheffield and moving Jobs. She is a nurse so I dont see that being a problem.
Me and my mum were looking at flats to rent in the area (sheffield and worksop) and the subject of shared ownership came up.
I am unfamilier with it but rough details. Example, there are some new build flats, 2 bed, opposite my house (the same new build estate) They are priced at 100k with 20% and 50% shared ownership options. So my understanding is she would need a 20k mortgage. (as a nurse she earns 20k basic level)
After looking at the rent for a 20% share plus flat fees etc. it looks cheaper then renting a smaller property in the area. (I have included mortgage repayment in that)
So how would the morgage work? Would she need a deposit for the 20% she requires? Or could she get a mortgage for the full 20% as she wont own the rest?
somehow am sure my figures are wrong or theres a catch I have missed somewhere, could somebody enlighten me please? Thanks
So come Jan she will be moving back from Leeds to Sheffield and moving Jobs. She is a nurse so I dont see that being a problem.
Me and my mum were looking at flats to rent in the area (sheffield and worksop) and the subject of shared ownership came up.
I am unfamilier with it but rough details. Example, there are some new build flats, 2 bed, opposite my house (the same new build estate) They are priced at 100k with 20% and 50% shared ownership options. So my understanding is she would need a 20k mortgage. (as a nurse she earns 20k basic level)
After looking at the rent for a 20% share plus flat fees etc. it looks cheaper then renting a smaller property in the area. (I have included mortgage repayment in that)
So how would the morgage work? Would she need a deposit for the 20% she requires? Or could she get a mortgage for the full 20% as she wont own the rest?
somehow am sure my figures are wrong or theres a catch I have missed somewhere, could somebody enlighten me please? Thanks
The will to save every money saving penny we can
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards