Is it possible?

kelloggs36

My sister is a nurse and rents a house with a housing association. She is married (4 children and a husband who is not working). She has asked me to see if she can buy a house as a part buy-part rent scheme. I have had a bit of a look, but wondered if it was generally possible to find a house on the open market and part buy it with a housing association? The reason I ask is that the house I live in was partly owned by a housing association and must have been bought as a one off as it is an old house and not built as part of any affordable housing scheme - I had to change something over so that I could take over the whole thing when I bought it.

Also, as she is a key worker, does she have to apply for a special mortgage via any specific provider, or can she apply through a high-street lender? I have only bought houses on the open market in the traditional way, so have no idea on how to go about getting a mortgage for a shared ownership property.

Thanks for any help!

BitterAndTwisted

I wouldn't willingly buy a shared ownership property even if they were giving them away for a hundred quid.

Morglin

These sites give info on the scheme for keyworkers, (they are private lenders, but they do give out the basic information) although it may be that the scheme has now been discontinued under the current government.

http://www.mwgb.co.uk/mortgages/key-worker-mortgage.html

http://www.mortgages.co.uk/key-worker-living/key-worker-living.html

http://www.fancyamortgage.co.uk/KeyWorkerMortgages/TheBasics.asp

Lin

squinty

This maybe possible under the Homebuy scheme - see

http://www.homebuy.co.uk/

Running_Horse

How much deposit does she have? What is her salary? How much could her husband earn? What area?

kelloggs36

She earns £21,700PA husband claims incapacity benefit so no prospect of him working (don't even go there lol). Potential 10k deposit, medway/maidstone area.

Running_Horse

Probably possible to avoid shared ownership if he does childcare and DIY.

http://www.rightmove.co.uk/property-for-sale/property-28416892.html

You can haggle for a basic 3 bed terraced house in Medway from £80,000. Another £6,000 saved towards a 20% deposit would help. Can you still get a 3.5 times salary mortgage?

Although I'm not a big fan of such schemes, I know a couple on limited income with 3 kids who just bought a brand new shared ownership 4 bed house in Gillingham. For them it is probably the best way out of renting into a long term family home.

kelloggs36

Oh I know that area very well - no chance in he** she would live there - I lived very near to there for 9 years - I 'm so glad I got out!!!! She is also looking at house swaps for 4 bed houses which may be possible. Doesn't look like Housing Associations buy existing houses to do shared ownership any longer.

LandyAndy

kelloggs36 wrote: »

My sister is a nurse and rents a house with a housing association. She is married (4 children and a husband who is not working). She has asked me to see if she can buy a house as a part buy-part rent scheme. I have had a bit of a look, but wondered if it was generally possible to find a house on the open market and part buy it with a housing association? The reason I ask is that the house I live in was partly owned by a housing association and must have been bought as a one off as it is an old house and not built as part of any affordable housing scheme - I had to change something over so that I could take over the whole thing when I bought it.

Also, as she is a key worker, does she have to apply for a special mortgage via any specific provider, or can she apply through a high-street lender? I have only bought houses on the open market in the traditional way, so have no idea on how to go about getting a mortgage for a shared ownership property.

Thanks for any help!

TBH that sounds like someone who shouldn't be considering buying and, quite possibly fortunately for her, lenders will tend to think the same at the moment.

kelloggs36

Just because her husband doesn't work though, doesn't make her a bad risk though - she has worked hard to get where she has, so I can't see how that is relevant really - she doesn't have any childcare issues that other working mothers have, nor the additional cost so that is a bonus really.

LandyAndy

kelloggs36 wrote: »

Just because her husband doesn't work though, doesn't make her a bad risk though - she has worked hard to get where she has, so I can't see how that is relevant really - she doesn't have any childcare issues that other working mothers have, nor the additional cost so that is a bonus really.

As you wish.