Open Market Shared Equity Scotland

CrazyTink

Hi,
Looking for anyone who has experience of this scheme. We have been accepted and are coming to the end of our passport time. We have found a house we like within the max budget but it has 3 bedrooms, living room, dining room, our limit on our passport says our max size is 3 bedroom 1 living room no mention of dining rooms.
Does anyone have any experience of homes with dining rooms as I can't find any details of it? Also on the home report it says 2 living rooms so will this be a complete no, the dining room has separate door but is also linked to the living room by an archway.
Thanks

chib

Hi CrazyTink,

How are you getting on with this? We got approved for the scheme earlier this week and are now starting to look at properties in Renfrewshire. With little experience of mortgages and such I found the process confusing but with some support from an IFA we've got a good understanding of it now.

I think a three bedroom house with a living room and dining room would be a five-apartment - but then if the archway didn't exist between the living room and dining room it could easily be a large living room?

Interested to hear how others are getting on with this scheme.

Regards, Chib.

CrazyTink

Hi,
We used first mortgage right at the beginning and they were really good at explaining everything. They did let us go for that house because of the archways, we put in an offer on the Monday morning, it had gone on the property register on the Friday and we got outbid by 5k, 5k over the valuation so nothing we could do.
We had our passport extended and have until the 11th jan. we are looking at 2 properties. Both very similar but valued 5k apart which has me worried, going for a second viewing tonight. Nothing much coming up in my area just now and anything that does come up is snapped up!

chib

I know the feeling, in the area we looked at there are 30+ properties that we can consider - but very few of those we'd like to live in.

Today we put an offer in on our top choice and it was accepted, hoping it all goes well from here and we can get moved in.

Interesting to hear that the property sold over the valuation costs, the one we've gone for has went for £20K under the valuation!