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Shared Ownership & chances of getting a mortgage later in life?
yenool
Posts: 169 Forumite
I'm just wondering if anyone could advice on what the chances of actually getting a mortgage are for the following situation.
Married couple, Wife aged late 40s, working p/t earning approx 17k gross. Husband retired with private pension & disability benefits totalling around 10k net.
Approx 5k credit card debts in husbands name.
Want to buy a 25% share in a shared ownership property where the total value is about 110k; thus the 25% share is about £28000. They could realistically afford a maximum of 25% as a deposit out of their savings, which would leave just enough to cover solicitors and moving costs.
If they did move the rent & mortgage works out the same as what they currently pay for rent now!
The problem is it seems like a lot of lenders don't like shared ownership, their age, plus the mortgage would be shorter than normal and would banks include his pension & benefits income or not?
Is it even worth applying it is it just going to ruin their credit files by getting searched and rejected?
Married couple, Wife aged late 40s, working p/t earning approx 17k gross. Husband retired with private pension & disability benefits totalling around 10k net.
Approx 5k credit card debts in husbands name.
Want to buy a 25% share in a shared ownership property where the total value is about 110k; thus the 25% share is about £28000. They could realistically afford a maximum of 25% as a deposit out of their savings, which would leave just enough to cover solicitors and moving costs.
If they did move the rent & mortgage works out the same as what they currently pay for rent now!
The problem is it seems like a lot of lenders don't like shared ownership, their age, plus the mortgage would be shorter than normal and would banks include his pension & benefits income or not?
Is it even worth applying it is it just going to ruin their credit files by getting searched and rejected?
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