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Shared ownership mortgage
knonist
Posts: 21 Forumite
Just a quick question for checking my own affordability.
2 person, earning 26.5K each, buying a 50% share of a 430000 house with 60K deposit.
What is the typical interest rate and monthly repayment for a 3 years fix, (terms 30 years)?
If the deposit is to be increased to 86K?
Every where I see is around 3.8-4.9%, it this really ture?
2 person, earning 26.5K each, buying a 50% share of a 430000 house with 60K deposit.
What is the typical interest rate and monthly repayment for a 3 years fix, (terms 30 years)?
If the deposit is to be increased to 86K?
Every where I see is around 3.8-4.9%, it this really ture?
0
Comments
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Why buy shared ownership? Looks like you can afford to buy 100% of a home on those figures and avoid all the pitfalls of SO0
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Shared ownership products vary from lender to lender, so you need to research what is available and/or speak to an independent broker to establish what is available to you.
Presumably you're going to be paying upwards of £500 per month in rent and service charges? You don't earn a lot to pay that on top of the mortgage and your other living costs. Any credit or dependents/childcare etc?
Have you checked lender affordability calculators?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: »Shared ownership products vary from lender to lender, so you need to research what is available and/or speak to an independent broker to establish what is available to you.
Presumably you're going to be paying upwards of £500 per month in rent and service charges? You don't earn a lot to pay that on top of the mortgage and your other living costs. Any credit or dependents/childcare etc?
Have you checked lender affordability calculators?
No debt, no dependent. and we plan to increase the deposit to 86K with support from family (gift).
We plan to take a lodger (we are buying in a very desireable area in cambridge)
Do you think we can pass the stress test?0 -
Affordability varies from lender to lender.
If there are only two of you, how are you going to get a SO property big enough for you to have two lodgers?
Won't the HTB agent limit you to two beds max?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: »Affordability varies from lender to lender.
If there are only two of you, how are you going to get a SO property big enough for you to have two lodgers?
Won't the HTB agent limit you to two beds max?
My bad, typo, just one lodger0
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