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FTB Shared Ownership <3
Squirrelz92
Posts: 771 Forumite
I am relocating to Preston on the 23rd April and I was originally wanting to rent. However I have been keeping an eye on a developers new build site and they offer a shared ownership scheme. I have already made my interest clear to the developers and have already received an Agreement In Principle. I have also been on the phone to their external finance team (Metro Finance) and have also passed their preliminary affordability checks. I have now booked a telephone meeting with them to go into more detail about my income/outgoings and must provide evidence of this as well as identity, my AIP and a utility bill. I have also made an appointment to apply for a mortgage on the Tuesday.
However, I have yet to put a reservation fee down on one of the builds as the sales advisor told me I need to do all the telephone/evidence stuff with Metro Finance and pass before they confirm I am in the position to place down a reservation fee.
Another concern is the process from beginning to end. The sales advisor told me that my window of 6 weeks will indeed be tight and in order for it to go through without any hiccups I will need to submit everything to all parties involved immediately and keep everyone communicating throughout to get a completion date hopefully on the 23rd April or before.
There is no chain on either side of this purchase.
Has anyone bought a home through the Shared Ownership scheme before? Could you share your experiences and how long it took from offer to completion? I feel like I am out of my depth here no matter how much research I put into this whole mortgage business!
However, I have yet to put a reservation fee down on one of the builds as the sales advisor told me I need to do all the telephone/evidence stuff with Metro Finance and pass before they confirm I am in the position to place down a reservation fee.
Another concern is the process from beginning to end. The sales advisor told me that my window of 6 weeks will indeed be tight and in order for it to go through without any hiccups I will need to submit everything to all parties involved immediately and keep everyone communicating throughout to get a completion date hopefully on the 23rd April or before.
There is no chain on either side of this purchase.
Has anyone bought a home through the Shared Ownership scheme before? Could you share your experiences and how long it took from offer to completion? I feel like I am out of my depth here no matter how much research I put into this whole mortgage business!
Debt Remaining: £8,781.53
3 Month EF: £1,000/£4,494
2025 MFW Challenge #9: £999.00/£4,000
3 Month EF: £1,000/£4,494
2025 MFW Challenge #9: £999.00/£4,000
0
Comments
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Hiya, my partner and I have just bought our shared ownership flat and moved in a couple of weeks ago. We had to do an affordability check before we were even allowed to view the properties (not sure if this is normal). We saw some of the flats in the block opposite ours (ours wasn't yet built) on 15th December and we then applied for one on 17th December. We were officially offered one two days later (subject to mortgage offer etc.). We had our formal mortgage offer on 1st February and then completed on the flat on 27th Feb. Ours was a pretty straight forward purchase as they were new builds and there was no chain so similar situation to you. I don't think that you'll manage to complete within 6 weeks if our experience is anything to go by. Hope this helps though!0
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