Shared Ownership - problems

izoomzoom

Good news is great news.

Will keep fingers crossed for an exchange soon.

Bargain_Rzl

Whew. Glad things are moving along, but what a useless load of ****s your HA seem to be :rolleyes: At least in my case the HA was fine, it was just their solicitor who was rubbish...

A word of advice - KEEP CHASING, on at least a weekly basis (and increase this to daily when you know that a certain piece of paperwork should be being processed and you're seeing no action!) Don't assume things are progressing because unless you've been told that they are, they probably aren't!

ukgaz

Well my mortgage has been approved so the ball is now rolling. I'll ring the solictors on monday to see how we are going

izoomzoom

Lost this thread for a few days.

Congrats on the mortgage approval. Who was it in the end ?

ukgaz

The woolwich/Barclays. 5 Year fixed at 5.29% with the option of making one 10% payment of the outstanding balance every year with no charge - which I can only dream of at the moment but you never know

AKK_3

Hi,

I got my mortgage with the Halifax with a 3% deposit, couldn't afford anything else. I would have liked to have put down 5% but didn't happen so
maybe I can make some overpayments during the year.

I should be hearing from my solictors anyday now on an exchange date......I hope!

I also wanted to ask is there anything I need to bring up with the HA before I complete, well just asking if there is anything I should be aware of.

Thanks
A

Graham_Devon

Not really. In my case I now have nothing to do with the HA apart from paying them monthly, it really is, for me at least as if I own the house outright.

Only time I get letters from them is when they are doing something or changing something. For instance got a letter to tell me they are changing the groundsmen etc.

Depending on where you are, often the HA own everything including the access roads, so the groundsmen have to take care of it, not the councils responsibility. Therefore 'consultations' crop up from time to time, but I don't bother going or voting.

It's really weird. I just got a phone call to say I could now move in and it was mine. That was it, then I got a welcome pack from the HA with terms and a guide. Most of the welcome pack was about rental moneies though!

izoomzoom

AKK wrote:

Hi,

I got my mortgage with the Halifax with a 3% deposit, couldn't afford anything else. I would have liked to have put down 5% but didn't happen so
maybe I can make some overpayments during the year.

I should be hearing from my solictors anyday now on an exchange date......I hope!

I also wanted to ask is there anything I need to bring up with the HA before I complete, well just asking if there is anything I should be aware of.

Thanks
A

We went with a 100% mortgage and our rate was a fixed 5.75%. If you don't mind me asking what is your rate (fixed / variable).

Re bringing up anything with the HA, do you understand everything with regards to your purchase - that they have to pay rental, possible service charge as well as ALL repairs and maintenance. Also do you know whether you benefit soley with regards to any improvements you make, that add value to your home. Ie add a conservatory, or are the improvements shared (even though you footed the bill)

Best of luck

AKK_3

Hi,

My rate is fixed at 4.99% for 2 yrs, i got in just before the interest rate increase, which has just gone up again today!

Putting down any sort of deposit helps, in terms of getting a better interest rate. 100% mortgages generally incur a higher interest rate.


A

izoomzoom

Have no idea whether my calculations are correct, but I reckon that is a saving of £33 per month, multiplied by 25 years. Ouch.

What % deposit did you manage to get together ?