Will this affect my chances of getting a mortgage?

StuC75

Because base rate is so low at present lenders have over time increased the buffer that there SVR is on top of base - this used to be much lower on top..

So a strong possibility is that when rates did start to increase, that after some increase pressure would start for more competition in what they charged - e.g:

At 0.5% Base + 4% = 4.5% SVR would become
At 3.5% Base + 1% = 4.5% SVR would be where the pressure would be at..

Either way Over pay what you can, increase Equity % over time and the better rates become available..

notmyrealusername wrote: »

A mortgage @ 5% over 30 years on a 160k property with 10% deposit would be £780 a month, however at 12% it would be £1489!!!

A mortgage @ 5% over 30 years on an 80k shared ownership (50% of 160k)with a 10% deposit would be £390, at 12% it would be £744.

I believe the rent element would be around £150 (based on another property on RM of a similar value) so overall I'd be looking at £540 a month shared ownership and £780 full ownership.