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Shared Ownership scheme
ederj
Posts: 24 Forumite
Hi all,
I am after some advice on the SO scheme.
I am currently applying for a house through the SO scheme and my share will be around £60,000. My question is that I feel I could improve some little bits in the house prior to move in date ie, carpets, kitchen tiles, etc...
Would the mortgage lender let me borrow more than the £60k needed for my SO share? ie, £68k to help me improve the house?
I hope the above makes sense!:o
I am after some advice on the SO scheme.
I am currently applying for a house through the SO scheme and my share will be around £60,000. My question is that I feel I could improve some little bits in the house prior to move in date ie, carpets, kitchen tiles, etc...
Would the mortgage lender let me borrow more than the £60k needed for my SO share? ie, £68k to help me improve the house?
I hope the above makes sense!:o
0
Comments
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No.
You'll need at least 5% deposit, possibly 10%, depending on the lender.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »No.
You'll need at least 5% deposit, possibly 10%, depending on the lender.
Thank you.
I need £60 to buy the house. Can I borrow £70k and give the 5% deposit required for the £70k?
Or I can't borrow more than what is required to buy my share?0 -
No. You can borrow 90%, or 95%, of the purchase price of your share and nothing more.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Halifax will want 20% if newbuild alsoDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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It sounds like a resale, if the kitchen needs replacing.Halifax will want 20% if newbuild alsoI am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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