Affordability & shared ownership

sjaypink

Hi, a quick question as to how mortgage lenders calculate affordability.

Are there set calculatons they use, or are they able to look at how you have managed your money for the last year or so?

I am asking as I would like (well, I have no choice as can't afford open market!) to apply for a shared ownership place, but would have to -I think- make a single application as my partner is self employed.

The multiples are fine on my income, I'm after purchasing a 25% share @ £60k, and the Nationwide calculator is telling me they would lend iro £100k, but I wonder if affordability will be an issue for the mortgage lenders when the rent on the remaining equity is factored in- being a sole application, & having 4 children?

It is not a worry for us, as we having been paying our current rent + comfortably putting away savings every month for over a year which equates to more than what the mortgage & SO rent would be - but will the lenders look at it this way?

Also, does anyone know if Nationwide still do shared ownership mortgages? I'm asking as the cashback on their Save-to-Buy scheme is attractive, but obviously no good to me if I can't get the mortgage from them at the end of the term.

Thanks in advance.