Anyone has shared ownership mortgage

kingstreet

Yes.

If the property is worth £160,000, a 25% share would cost £40,000.

The rent on the £120,000 unowned shared would be £120,000 x 2.75% = £3,300 per annum / 12 = £275.00 per month.

You would then have service charges on top of that.

kingstreet

To do this properly you need;-

credit card balance

monthly loan payment

rent on unowned share £275.

deposit amount

credit history

gross annual basic salary

annual overtime or commission

any other income and source.

andyuk01

As a comparison my service charges are £84 a month, down from £92 in the first year - this includes a bio mass boiler in the basement that supplies hot water

2 lifts, weekly cleaning of all communal areas, monthly deep clean and gardening, sinking fund, etc etc

Lou24

Thanks king street
I think I need to go to em home buy first and fill in the forms and get approved there and see what kinda share. I am going to see a mortgage adviser Monday with bank statements and payslips and so on

kingstreet

What kind of "advisor" and how much deposit do you have?

TBH from the figures you stated earlier, I suspect you will have affordability problems.

For example, if you have;-

a loan payment of £150
a credit card with a balance of £2,000
shared ownership rent of £275
a deposit of £2,000

you will need to borrow £38,000 and over 35 years (retirement age permitting) you'll need to earn at least £22,700 per annum to make that affordable.

A shorter term, or any element of overtime included in that income and the amount you'll need to be earning will be higher.

Your monthly credit commitments and the rent are deducted for affordability purposes, as are things like childcare costs, so if you have a child the case will become less affordable.

Lou24

My em home application has been approved - just awaiting next available slot for adviser as they where off sick when was due to go

chanz4

Look at the quality of finish when comparing, the builiding site Im on there was only 15k difference in price and myns a lot bigger not on s/o