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Part Buy/Rent Issue...
Smith15
Posts: 32 Forumite
I am looking into the part buy/rent ownerships available in London. I am currently on the first steps register so I can apply for these schemes however I have a few questions that I cannot seem to find online!
1. The mortgage and scheme would be in my sole name but what would happen if in time my partner and I moved in together? Would we have to leave the scheme? Or does it have to be a min period before another person could live in the property with you? Or would you need both salaries to be totally re-evaluated to continue in the scheme?
2. Are there many mortgages available out there for 95% LTV or 90% LTV?
3. Has anyone had experience of these schemes before?
Thanks so much
1. The mortgage and scheme would be in my sole name but what would happen if in time my partner and I moved in together? Would we have to leave the scheme? Or does it have to be a min period before another person could live in the property with you? Or would you need both salaries to be totally re-evaluated to continue in the scheme?
2. Are there many mortgages available out there for 95% LTV or 90% LTV?
3. Has anyone had experience of these schemes before?
Thanks so much
0
Comments
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I live in a new build shared ownership property and had trouble finding a mortgage lender. This was becuase each lender would only commit to a certain number of mortgage per development to minimise their risk. I eventually went with Leeds Building Society. High rate of interest however could not find any others. Not all banks and building societies offer shared ownership mortgages. Santander Leeds and Nationwide d from memory.
Good Luck0 -
Thanks for your message. Think I am going to have a look into the Leeds option. Did u have any problems getting into the shared ownership buy or was it quite a simple process once you find a place you like?0
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