Shared Ownership

lynzpower

Xlt hunter

Can you tell me, How do i get additional mortgage for the other share. Id like to do this when my mortgage deal comes up in december. We were thinking of moving somewhere smaller/ cheaper, which is still a good plan for me, but If i could buy the thing outright Id be happy to stay for a few more years

ie, i got mortgaged for 3,5 salary- could I get more? I did ask this on the mortgage board some time ago but no answers

mummytofour

lynzpower wrote:

Xlt hunter

Can you tell me, How do i get additional mortgage for the other share. Id like to do this when my mortgage deal comes up in december. We were thinking of moving somewhere smaller/ cheaper, which is still a good plan for me, but If i could buy the thing outright Id be happy to stay for a few more years

ie, i got mortgaged for 3,5 salary- could I get more? I did ask this on the mortgage board some time ago but no answers

First off you would need to get the house valued by the H/A you will need to pay for this, once you know how much it is worth you will be able to sort the morgage out, best bet would be a whole of market broker, I think you would be looking at what would be known as a re-morgag, u will need to pay all H/a costs also..

charlie007

i have a SO property and couldn't be happier with it. We couldn't afford to live anywhere else at the time and the rent on the other 50% is much less than the mortgage. I did look at buying the other 50% but have decided it is fairer to sell it now we can afford a whole house of our own and let a first time buyer get it as there is literally nothing under 100k in the town i live in.

xlt_hunter

lynzpower wrote:

Xlt hunter

Can you tell me, How do i get additional mortgage for the other share. Id like to do this when my mortgage deal comes up in december. We were thinking of moving somewhere smaller/ cheaper, which is still a good plan for me, but If i could buy the thing outright Id be happy to stay for a few more years

ie, i got mortgaged for 3,5 salary- could I get more? I did ask this on the mortgage board some time ago but no answers

I don't think it would be wise to have 2 mortgages on 1 house, but mummytofour has already answered your question. Your right though, when you brough outright you will be happier and do what you want to the house - one of the reasons why I am doing it. Even though I am paying a extra £100 per month I think its a good move for me.

Just budget around £350 for the housing people costs to staircase the house to you in full.

As with the mortgage, try your bank as they know you better than anyone else I was lucky to strike a bargin with Barclays, I told them what I what, showed them my paperwork with full break down of spending per month and where and the underwriter agreed to me saying he was very impressed that everything was well worked out to the penny.

So in effect I got a mortgage offered x 5.85 my salary - but now that has changed x5 my salary as I've gone to a better job. Do the paperwork on the pc, outline where the costs etc and get rid of the credit cards as it will show to them that your are commited to the mortgage (not )

For those who done any improvements or changes to the house, this will not be factored into the selling price if you sell with the HO as they will only sell it at their guide price at that time without any improvements. If the improvements you made are alot it may be better buying outright and then sell 100% via private sale as you "may" get more for your money - but check everything out first.

Mike

lynzpower

Mike,

Cheers again for this. I would like to buy the extra share so shall look into this in a few months time & speak with my lender. Much appreciated.

Adrian_london

lynzpower wrote:

Adrian

How did you get mortgaged for the extra shares?

lynz
x

Luckily I was rpomoted and could easily afford it. When I bought the place origially I was earning just under 20K. Now i'm on nearly double.

Another problem that I found was that there are a lot of mortgages companies that don't want to lend to people on SO.

I find it strange/weird/surprising that out of maybe 1000 different lenders, once you tell them that you are buying a SO property it then reduces to 200. Once you tell them that the other flats in the block are still only part owned (out of the 8 flats in my block i was the only person to buy 100%) then the number goes from 200 down to 50. And so on and so forth.

Sorry it took me a while to reply.

Curley

Not forgeting the high interest rate. I'm paying 5.13% with Nationwide :eek:

leewoods

me and my brother are thinking of buying a SO house, a 2bed semi coach house with a garage for 60K in Derbyshire, that's all we can afford (salary's of 11 and 12k) we're 18 and 20 with no savings, how much does it cost to actually buy a house? fees and charges and the like,

(sorry for hijacking the thread! )

Thakns

Lee

xlt_hunter

Set yourselve about £550-600 to do the solictors stuff, sometimes mortgage lenders will not touch you if you don't have any cash to put down. - my HA didn't charge for the setting up. But they charge you when you buy the remaining share (as per above post of mine)

lynzpower

leewoods wrote:

me and my brother are thinking of buying a SO house, a 2bed semi coach house with a garage for 60K in Derbyshire, that's all we can afford (salary's of 11 and 12k) we're 18 and 20 with no savings, how much does it cost to actually buy a house? fees and charges and the like,

(sorry for hijacking the thread! )

Thakns

Lee

lee is there any chance of promotion for either of you, you are both still quite young? jus the running costs like your life assurances, contents & buildings on top of the bills can be a shock x