Shared Ownership Mortgage

jen2006

Hi All,

I am looking for some advice. I currently have a shared ownership mortgage (co- Ownership in NI). I bought the house for £165000 so my mortgage is for £82500 and I rent the other 50% from co-ownership. I currently pay £444 per month for the mortgage and £190 per month for rent. I contavted my mortgage provider and they have advised me I could be on a better fixed rate which would reduce my monthly mortgage to £340 per month. I asked him for a calculation if I was to buy the whole home and he said the payments would be roughly £700 per month. So including the current mortgage payment and rent I currently pay the total monthly is £643 so it would only cost an extra £57 per month to own the whole house. My income hasn't really increased from I bought the house but I was wondering do you think it would be likely that the bank would approve full mortgage for me. The only thing I have going against me are some missed payments on my rent which was simply due to issues with my direct debit. I also have 1 or 2 late payments to my credit card about 14 months ago.

Any advice would be greatly appreciated.

Many thanks
Jen

Lilla_D

Hi Jen,

I'd recommend that you speak to a broker and show them the full credit history, your income, outgoings, etc., so they can then advise you about realistic lender options. Whether or not your current lender would accept you depends on the subject lender's criteria and assessment, so we can't really offer you advice here.