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Do I have to get a mortgage to get a shared ownership property?
M_CP
Posts: 20 Forumite
Hi, my partner and I have been looking into buying a property through the shared ownership scheme. However, his grandad proposed to lend us the money for the 45% that we want to buy, so we don't have to get a mortgage. We don't know if this is possible, we met all the criteria to buy a shared ownership property, but we don't know if it's possible to get one without getting a mortgage.
If anyone has information about this, we will more than pleased to hear it.
If anyone has information about this, we will more than pleased to hear it.
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Comments
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Not sure if it is possible, but would you not prefer to use the money he is offering to put down as deposit for a mortgage so you can pay into that, rather than paying rent?0
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It will be really hard for my partner and I to get a full mortgage, his salary, our age and mine poor credit rating (I haven't been living here for long enough to have a long credit history). That's why we are thinking about shared ownership.0
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I have known one of our HAs to accept a cash SO application on the basis we would certify we were unable to secure a mortgage for the applicant.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.0
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