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Share Ownership (non-Scheme) and Mortgage Questions
MarcF
Posts: 5 Forumite
My partner and I are currently renting a house from old friends who have emigrated.
Our friends now want to sell their house - we are keen to buy it and they are keen to sell it to us.
My partner and I are not, at this point in time, in a position to afford the property. The owners have suggested that we purchase a share of the property and that, as circumstances change later on, buy the remainder when we can afford to.
The property has yet to be formally valued, but will likely be in the 320K region. My partner and I are in a position to finance £50K of a half share, and are looking for a mortgage for the remainder (c £120K) of the half share.
So far, our bank (NatWest) has not been able to offer us a mortgate or, rather, they would offer us a mortgage on outright purchase (which we could not afford!).
I think we are probably looking at having to find a mortgage broker, but wondered if anyone has any thoughts/advice on this.
Marc
Our friends now want to sell their house - we are keen to buy it and they are keen to sell it to us.
My partner and I are not, at this point in time, in a position to afford the property. The owners have suggested that we purchase a share of the property and that, as circumstances change later on, buy the remainder when we can afford to.
The property has yet to be formally valued, but will likely be in the 320K region. My partner and I are in a position to finance £50K of a half share, and are looking for a mortgage for the remainder (c £120K) of the half share.
So far, our bank (NatWest) has not been able to offer us a mortgate or, rather, they would offer us a mortgage on outright purchase (which we could not afford!).
I think we are probably looking at having to find a mortgage broker, but wondered if anyone has any thoughts/advice on this.
Marc
0
Comments
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You cant get a mortgage on half a house. Forget it.0
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You cant get a mortgage on half a house. Forget it.
Oddly enough, our bank has now come back to us with an offer of a mortgage (via Mortgage Direct rather than the branch mortgage advisor), provided the property we wish to purchase is unencumbered (which it is). Their offer is still far too expensive, but does suggest that it is possible.
Has anyone else got any views on this?0
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