Shared ownership mortgage application dilemma

VernSW

My partner and I have put in a joint application for a shared ownership property. We were approved and allocated a plot by the council and are now ready to proceed with our financial interview to assess eligibility and then proceed with the mortgage application.

Our combined income at time of reserving the plot was £65k, only £1k shy of the household income limit for shared ownership application. However, since then I got a new job and now earn more. As it stands, we are now above the limit of £66k.

Anyone know how this will affect our proceeding with the purchase of the property and if indeed we'd be able to continue? I am wondering whether during the mortgage application either the lender or our solicitor will realise that we are now over the limit and thus deny us the mortgage and/or inform the council.

Anyone have any idea?

kimbyanne

VernSW wrote: »

My partner and I have put in a joint application for a shared ownership property. We were approved and allocated a plot by the council and are now ready to proceed with our financial interview to assess eligibility and then proceed with the mortgage application.

Our combined income at time of reserving the plot was £65k, only £1k shy of the household income limit for shared ownership application. However, since then I got a new job and now earn more. As it stands, we are now above the limit of £66k.

Anyone know how this will affect our proceeding with the purchase of the property and if indeed we'd be able to continue? I am wondering whether during the mortgage application either the lender or our solicitor will realise that we are now over the limit and thus deny us the mortgage and/or inform the council.

Anyone have any idea?

If you haven't had the financial review yet your new salary will be spotted and as you will be over the limit, you would not be eligible