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shared ownership

dwill1503
dwill1503 Posts: 142 Forumite
in House buying, renting & selling
Is it possible to sell our house that we own (current LTV of 53%) and buy a shared ownership house? Could we stay with Nationwide mortgage?

Comments

  • Southend1
    Southend1 Posts: 3,362 Forumite
    Ninth Anniversary 1,000 Posts Combo Breaker
    Why??.....
  • dwill1503
    dwill1503 Posts: 142 Forumite
    Because we want a bigger house.
  • Southend1
    Southend1 Posts: 3,362 Forumite
    Ninth Anniversary 1,000 Posts Combo Breaker
    dwill1503 wrote: »
    Because we want a bigger house.

    Sounds like you can't afford one!
  • kimbyanne
    kimbyanne Posts: 303 Forumite
    Seventh Anniversary 100 Posts
    dwill1503 wrote: »
    Is it possible to sell our house that we own (current LTV of 53%) and buy a shared ownership house? Could we stay with Nationwide mortgage?

    No, shared ownership doesn't work like that. If you already own a property, you are not eligible for shared ownership.
  • kingstreet
    kingstreet Posts: 39,349 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    When you sell your current property, your mortgage is repaid from the proceeds.

    If you purchase a new home with simultaneous completions, you may be able to port the rate from your old Nationwide mortgage to a new one, if you qualify (meet criteria, affordability, valuation etc).

    You cannot transfer a mortgage from one property to another.

    Your acceptance for shared ownership will depend on qualification with your local HTB agent. Contact them in the first instance;-

    http://www.helptobuy.org.uk/equity-loan/find-helptobuy-agent
    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.
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