First time buyer shared ownership and remortgage!?

penguinpenguin

Hello

Were looking into a private house sale through family, however at the moment we can only get a mortgage for half of the price of the property according to the online calculators. family is happy for us to own half and them to own half until we get the mortgage for the full amount,
My question is it going to be hard for us to get a shared ownership mortgage and what about the rest of it how soon could be get that, were both training and in a year we both qualify and have a wage increase of around 5k each, so the calculators say that we can get the full property value once we have our wage increase.
But are we going to encounter any problems? What are the procedures? Would we have to wait two years or something to remortgage the property to buy the family out?

Help please!

kingstreet

Shared ownership is a programme run by Registered Social Landlords. You can't set up your own shared ownership scheme on a family member's property.

You need to purchase a whole property outright to enable you to mortgage it. You can't take out a mortgage on a property you only part-own, unless it's part of an approved scheme.

Likewise with shared equity, you buy the whole house with a mortgage and a loan from a builder or the government. No-one else owns part of the property.

poppy10_2

penguinpenguin wrote: »

we're both training and in a year we both qualify and have a wage increase of around 5k each, so the calculators say that we can get the full property value once we have our wage increase.

Wouldn't it be simpler then to wait till next year before buying the house? If you're buying from a family member surely it would be better for them to hold on to the house for a year and then sell it to you outright, rather than the hassle of dealing with with co-ownership and remortgages.