Comments on ease of getting a mortgage

rchddap1

We're looking at buying a shared ownership house. Total price of the house £120k, with our share being £60k. We're also going to be putting a deposit of £26k down.

My partner is thinking about going for the mortgage on his own and I have concerns that we may have problems. We've only been in the area since January. The forms are in for getting on the voting register, but I'm not certain if they've gone through or not. He's also only been in his job for about 1 month so far (salary of around £11k - £12k per year....£200 take home per week). He use to have a credit card...but at our old address...he has nothing at this address except for his mobile phone contract.

At the moment he's gone to the Halifax as we know they do shared ownership mortgages.

Will he be okay applying on his own, or should I apply with him? I have a halifax credit card at our current address....but I'm not working.

Bargain_Rzl

Hi rchddap,

I'm not sure about salary considerations, but can I suggest that going to the Halifax "because you know they deal with SO" might not give you the best deal?

Personally I would contact a whole-of-market broker (I'd recommend Alexander Hall as they really gave me great service, but they're not fee-free, so may not be for you) and say that you would like to speak to an advisor with experience of mortgaging Shared Ownership property. Then at least you'll have access to the full range of good deals, and the broker should know only to recommend mortgages with lenders who will lend on SO. As I've just said on another thread, my broker was able to tell me that Nationwide would be fine but A&L would not.

Hope the littlun is still doing well

Rzl