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Shared ownership help!
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LKM1983
Posts: 9 Forumite
Shared Ownership Advice
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!
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!
0
Comments
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You don't own 40% of the house surely, It's mortgaged.You're Damned If You Do & You're Damned If You Don't :doh:0
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You'll need your post-staircase equity to be at least 10%. You can make that up through equity in your current share and savings.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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