Shared Ownership mortgage

confusionanddelay

Hi


We have passed the affordability checks for a shared ownership property we viewed and are just waiting to hear if it's been allocated to us.
In the meantime I thought I'd start making some enquiries about mortgages. I went online with Habito and gave all our information. They've emailed today to say based on our income, outgoings, dependants and the rent on the shared ownership house that a mortgage wouldn't be affordable.
They say they've got access to all lenders, so should we assume that's it, we won't be able to do it? Or would the financial advisor the HA would put us on to have a better idea of who to go to? I did the government affordability calculator and the rent + mortgage is only £50 more than our privately rented house so we know we can manage.
Bit worried we're going to be stuck in private rent forever :-(

kingstreet

Who knows.

Surely it's worth a try...

confusionanddelay

Yes. We'll certainly try.
I just wondered if anyone had any experiences of getting a mortgage after having been told habito or similar couldn't help - some tales of hope maybe!

cjv

Contact a local broker or a broker specialising in shared ownership.

My first broker told me I couldn't afford it, turned out he was incorrectly adding rent as an additional outgoing when the lender already factored this amount in to any shared ownership affordability check.

haras_nosirrah

I am a specialist shared ownership advisor and am on the panel for two housing associations (and do their affordability calculators)

It is certainly worth checking with other brokers as usually if people pass the assessment they would pass on lenders affordability but without knowing the figures we can't know for sure.