Shared ownership- mortgages

debbie2311

Hello!
I have almost passed the affordability for a shared ownership home (just waiting on the second person to sign it off) but am worried about getting a mortgage.

I can work out how much I could potentially be lent for a normal mortgage but not a shared ownership one.

I earn 35k, and would be trying to get a 95ltv mortgage for £90,000.

I have a perfect credit score (999 out of 999) and no credit cards or loans.

My stumbling block my be that I currently spend all my disposable income on rubbish! (No gambling or anything like that, just food, meals out, general rubbish). I am worried they will turn me down when they see my bank statements....

I was wondering if people here would mind sharing how much they got a share ownership mortgage for and if you got one first time etc etc.

Many thanks.

wordsearch

debbie2311 wrote: »

Hello!
I have almost passed the affordability for a shared ownership home (just waiting on the second person to sign it off) but am worried about getting a mortgage.

I can work out how much I could potentially be lent for a normal mortgage but not a shared ownership one.

I earn 35k, and would be trying to get a 95ltv mortgage for £90,000.

I have a perfect credit score (999 out of 999) and no credit cards or loans.

My stumbling block my be that I currently spend all my disposable income on rubbish! (No gambling or anything like that, just food, meals out, general rubbish). I am worried they will turn me down when they see my bank statements....

I was wondering if people here would mind sharing how much they got a share ownership mortgage for and if you got one first time etc etc.

Many thanks.

I think you'll probably be fine.

When I got mine, I was on around 30k and got the mortgage on my share which would have worked out at about £80,000. I got it first time.

I also don't think they massively care about what you spend your money on. My money goes on lots of takeaways and holidays with the ocasional bit of matched betting (but obviously just looks like regular old gambling on my statement) and there were no second glances whatsoever!

debbie2311

Thank you
I know they've got stricter on these things since 2015 though...I'm trying just to think of step at a time, so need to get signed off by the agency first! The waiting is killing me - they are slooooow!