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mortgage/shared ownership question
emmaLB
Posts: 1 Newbie
Hello, I have come here for advice before wasting energy in making fruitless visits to banks!
I own (outright) a 50% share in a shared ownership property. I don't have a mortgage as i own the share completely outright, having bought it with some inheritance. I am pondering buying the second half so i fully own the property but am not sure of the chances of getting a mortgage. I am a part-time student, part-time employee (my salary is 17k PR, I get about 11k - works out about £800 PM with no other income/benefits). The share would cost £60,000. I have never had a mortgage before as i am new to any sort of ownership but i have heard it's really hard to get a mortgage if you only work part time. Would this be the case with buying the 2nd half of my shared ownership. The mortgage would actually be barely more than the rent i pay on the half i already own so i know i could afford it but would i still struggle? Also, in this sort of case, would i still need to save a 10% deposit?
thanks for reading
I own (outright) a 50% share in a shared ownership property. I don't have a mortgage as i own the share completely outright, having bought it with some inheritance. I am pondering buying the second half so i fully own the property but am not sure of the chances of getting a mortgage. I am a part-time student, part-time employee (my salary is 17k PR, I get about 11k - works out about £800 PM with no other income/benefits). The share would cost £60,000. I have never had a mortgage before as i am new to any sort of ownership but i have heard it's really hard to get a mortgage if you only work part time. Would this be the case with buying the 2nd half of my shared ownership. The mortgage would actually be barely more than the rent i pay on the half i already own so i know i could afford it but would i still struggle? Also, in this sort of case, would i still need to save a 10% deposit?
thanks for reading
0
Comments
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60k would probably be pushing it as that's going to be almost 6x your salary. Stair casing rules/fees etc will depend on the housing association that runs the property. Some don't actually let you ever own 100%, capping it at 90 for example.0
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Don't forget chances are you'll be paying not only your own fees but their's also..0
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