Co-Ownership -

Dave125

Hi All,

Just wondering if anyone has any co-ownership experience.

I have had my offer in principle from co-ownership for £112K and about to try and get the mortgage side of things arranged.

Totally panicking that for some reason I will be turned down for a mortgage. I have no bad debt or anything, its just I did a mortgage 'how much can I borrow?' calculator online and it came up with the figure of £18K!!!

I have been paying £500 a month rent for the past 8 years, payment never missed so I know I can afford it, but now totally stressing.

Has anyone ever had co-ownership approved but turned down for a mortgage?!

Have a meeting with my financial adviser this week to go through everything but just wondering if anyone had anything similar happen?

Thanks!

duggan1

I wouldn't pay a huge amount of notice to online calculators. they give an indication, but don't always understand the nuances of some situations.

If you haven't already, I'd sit down and work out the sums yourself with regards to affordability.

I'm guessing you're going for 50% co-ownership, and standard 25 year repayment mortgate. Thats about £345 a month (I'm sure you can get better but for the sake of argument..). You'll be paying co-ownership some rent on their half, they should have indicated how much that is. You'll have buildings insurance, and you'll want to factor in maintenance costs, even if it is just the basic stuff like boiler servicing once a year.

Take all this to the adviser/broker and they'll be best placed to tell you what they can do for you.

redheadirish

Don't fret, its scary but great. We went with the halifax as they work with co ownership a lot. You will be fine. Breathe & Enjoy becoming a home owner.