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Shared Ownership Advice
LKM1983
Posts: 9 Forumite
My husband and i purchased our house about 6 years ago.
We own 40% of the home which is around £94,000. The house is worth around £220,000 now (it was worth more when we purchased it).
We pay the mortgage on the 40% and rent on the remaining 60%. It works out more expensive than if we had a mortgage for the whole property.
I was just wondering, if we wanted to purchase the house outright, would we need to have a deposit or could we use the 40% of the house we own?
We don't really know much about mortgages etc so any help would be much appreciated!
We own 40% of the home which is around £94,000. The house is worth around £220,000 now (it was worth more when we purchased it).
We pay the mortgage on the 40% and rent on the remaining 60%. It works out more expensive than if we had a mortgage for the whole property.
I was just wondering, if we wanted to purchase the house outright, would we need to have a deposit or could we use the 40% of the house we own?
We don't really know much about mortgages etc so any help would be much appreciated!
0
Comments
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You'll be better putting this on the mortgages forum as some of the brokers that post are really experienced in shared ownership.
To help, you need to say what your income is and whether you have any other debts (loans, hp, credit cards).0 -
Thank you I've done it!
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