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Shared ownership mortgages - Help Needed!!!
chrisrussell4130
Posts: 3 Newbie
Hi all,
I'm hoping I can reach out to somebody who was/is in a similar predicament. Currently in the early stages of buying a 55% stake in a £310,000 property under the shared ownership scheme. We have been pre approved for the property and, been given the offer to buy the property (or the share above as you will).
Starting to worry though after all the checks required. Credit ratings are good (5/5), sufficient income etc. The only thing that is concerning us is the bank statements for past 3 months. We always seem to never have money left over at the end of the month. Everything is paid and we've never missed any payments in the 4 years we've been in our current rented property. Just wondered if that factor will be detrimental to our mortgage approval?
Any help would be appreciated
Thank you for your time
I'm hoping I can reach out to somebody who was/is in a similar predicament. Currently in the early stages of buying a 55% stake in a £310,000 property under the shared ownership scheme. We have been pre approved for the property and, been given the offer to buy the property (or the share above as you will).
Starting to worry though after all the checks required. Credit ratings are good (5/5), sufficient income etc. The only thing that is concerning us is the bank statements for past 3 months. We always seem to never have money left over at the end of the month. Everything is paid and we've never missed any payments in the 4 years we've been in our current rented property. Just wondered if that factor will be detrimental to our mortgage approval?
Any help would be appreciated
Thank you for your time
0
Comments
-
The key question can you really afford to own 55% of your home. You will be liable for maintenance issues. no more moaning to a LL/HA for example.
Not to mention other commitments such as insurance"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
We can actually afford it. The insurances are pretty much covered in our rented (bar buildings insurance). The fuel bills are extortionate in our current place. Possibly can save £100 a month on utilities alone.
The place we are now has no room for a large fridge/freezer so essentially we buy to eat every few days which adds up. Our rent is more than what the mortgage/rent is in the S/O property. Council tax is the same. Just not sure if it's marked against you when you're account gets emptied on a monthly basis?0 -
so you have boiler insurance and life insurance at your rented place??
Maintenance should the ceiling or boiler pack up??
It all adds up and I am worried you don't have much money left after every month"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0
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