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shared ownership question

lee26g
lee26g Posts: 126 Forumite
Part of the Furniture 100 Posts Combo Breaker
edited 22 December 2015 at 6:53PM in House buying, renting & selling
11111111111

Comments

  • libf
    libf Posts: 1,008 Forumite
    The suitable for your needs part is often about the number of bedrooms. So a single person would only be offered a 1 bed shared ownership, a married couple or single parent with one child a 2 bed, etc...

    If your salary would support a mortgage for the full value of the property, or you had savings which would mean the mortgage you've been offered would support the full value of the property, then that would mean you could afford to buy on the open market.

    Individual schemes have slightly varying rules though, so you should ask the housing association that you're applying with.
  • kingstreet
    kingstreet Posts: 39,233 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    There's an HCA Shared Ownership calculator which works out the share you can afford to purchase based on your income, credit commitments and deposit.

    If you pass, you are offered the share which matches most closely.
    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.
  • lee26g
    lee26g Posts: 126 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    libf wrote: »
    The suitable for your needs part is often about the number of bedrooms. So a single person would only be offered a 1 bed shared ownership, a married couple or single parent with one child a 2 bed, etc...

    If your salary would support a mortgage for the full value of the property, or you had savings which would mean the mortgage you've been offered would support the full value of the property, then that would mean you could afford to buy on the open market.

    Individual schemes have slightly varying rules though, so you should ask the housing association that you're applying with.

    ok thanks, ive just done some reading, 1 person can apply for a 2 bed too.

    So the full market value thing relates to the property in question, if i could buy at it at full value then I would be able to afford on the open market and thus not eligible. Is that right?

    Thanks
  • libf
    libf Posts: 1,008 Forumite
    lee26g wrote: »
    ok thanks, ive just done some reading, 1 person can apply for a 2 bed too.

    So the full market value thing relates to the property in question, if i could buy at it at full value then I would be able to afford on the open market and thus not eligible. Is that right?

    Thanks

    Ask the housing association you're applying through. When I applied for my flat I could only apply for 1 beds as a single applicant with no children, so it varies.
  • libf
    libf Posts: 1,008 Forumite
    Just seen from your other posts that you can afford to buy on the open market, so do so. Shared ownership is not for getting a good deal. It's for people who actually need it.
  • lee26g
    lee26g Posts: 126 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    edited 22 December 2015 at 6:54PM
    11111111111
This discussion has been closed.
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