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50% ownership 1st time buyer
stan1
Posts: 9 Forumite
Im a first time buyer and I have quite large deposit, I have found a house that is 50% shared ownership with housing association.My Mortgage advisor has avised me that I wont get a mortgage on this property as Mort co wont get their money back on it if it has to be repossesed. Is this right and are these options really not a sound bet? The house is valued at £185 thou and Im buying £85 thou of it.??? any advice?
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Comments
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there are certain banks/mortgage companies that are familiar with shared ownership, abbey was the bank i got my shared ownership mortgage with.
I dont see why the bank wouldnt get their money back, if you buy 50% of a home then 50% of it is yours so if you fail to make payments the house gets sold and the bank get their share
as to why your broker would say that. Abbey Loan £6,000
Tesco loan £3,000
Tesco points --- £100 worth £400 in deals for holiday! :j :T
"It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change." (Charles Darwin)0 -
Assuming you're able to get a mortgage anyway - decent credit record, etc - you will have no trouble getting one on an SO property. The key is, not everybody will lend on SO so you'll need to see a mortgage advisor who is familiar with those who will.
Mine (40% ownership) is with Nationwide.
Operation Get in Shape
MURPHY'S NO MORE PIES CLUB MEMBER #1240 -
Thanks for that yes do have very good cr rating thankfully already checked out.0
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If nobody could get mortgages on SO, nobody would live in SO
Operation Get in Shape
MURPHY'S NO MORE PIES CLUB MEMBER #1240 -
be aware that the rent on the 50% you don't own can rise faster than your wages though"Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.0
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