Shared Ownership Mortgage?

property.advert

I live in one of these and the rent the owner (my LL) has to pay is way way too high.

You say you have 30k and this property at 100% is 163k. So you need to borrow 130k or so (get a discount on the property as well). You earn 23,000 and 5 times that is 115,000 so you are only 15,000 from affording the whole 100%.

If you can get them down to 155k, then you put down 20% (31k) to get a decent mortgage rate and you need to borrow 124k, then you are not far away are you ? You can always get someone in to rent a room for a couple of years.

If not, buy 75% for around 120k and pay rent on 25%. Basically buy as much as possible.

If the rent is 5% then you have 81500 @ 5% = £340 per month whereas the other 50% can be on interest only at 2.49% and it will cost you only £169 per month. Your rented part will cost you twice as much as the part you are buying !"!!!!!!

butterfly320

if you have been offered a property by a housing association you will need to obtain an agreement in principle to prove you can obtain a mortgage, and if you are successful you can then apply in full to purchase the property.

Cardinal-Red

milliebear00001 wrote: »

Er - thanks for that then.

That's quite alright. You did ask me to elaborate.