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Shared ownership – purchase final share via bank loan or mortgage?
Jackson6
Posts: 7 Forumite
Hello, and thank you for letting me join these boards, I’ve been a browser for some while.
I own 75% of a shared ownership property (mortgage is paid off), and was planning on relocating and subletting in a few months’ time. But apparently I can only sublet if I own the entire 100%. My question is: would I be eligible at age 55 to take out a mortgage to buy the remaining 25% - or should I be thinking of a bank loan (secured on the property, I guess)? I am employed, but planned on retiring soon, however this may not now be possible …
I was considering subletting rather than selling, due to market uncertainties after Brexit - if I sell in the coming months I’m likely to take a hit if there’s a sharp drop in value; on the other hand, if I was to get it valued during a post-Brexit property crash (if that happens) that would be to my advantage… IF I can raise the necessary £££ to buy the 25% share.
Any advice or suggestions gratefully received!
I own 75% of a shared ownership property (mortgage is paid off), and was planning on relocating and subletting in a few months’ time. But apparently I can only sublet if I own the entire 100%. My question is: would I be eligible at age 55 to take out a mortgage to buy the remaining 25% - or should I be thinking of a bank loan (secured on the property, I guess)? I am employed, but planned on retiring soon, however this may not now be possible …
I was considering subletting rather than selling, due to market uncertainties after Brexit - if I sell in the coming months I’m likely to take a hit if there’s a sharp drop in value; on the other hand, if I was to get it valued during a post-Brexit property crash (if that happens) that would be to my advantage… IF I can raise the necessary £££ to buy the 25% share.
Any advice or suggestions gratefully received!
0
Comments
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Sure you can get a mortgage at 55. I just had my mortgage (21 years) approved and I am 53 years old. In my case it all depended on when I decide to retire. I assume your case will be the same. So your plans to retire soon might put a spanner in the works to get the mortgage.0
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Thanks for the reply; that's useful to know :-)0
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