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How to move, shared ownership?
Ali45
Posts: 1 Newbie
Hi all, wondered what you thought.....
Own a small flat and used help to buy. Struggling however due to poor soundproofing so wish we had a house but am unsure how to get out of it.
We have a fixed rate mortgage which we could move without penalty as long as its the same value. As this is only 145k however cannot buy anything with that unless we do shared ownership. We can do this but to qualify need to have sold our place before we can go for that so may have a time gap and I've read negatives about shared ownership so am wary.
We can see if we could borrow more but to prevent charges of 7k penalty on the mortgage it would have to have all exchanged with 90 days, this feels like a gamble, even if we can even borrow more.
We could try renting for four years in a cheaper area until we are not tied with our mortgage, but of course have to hope our place always has a Tennant otherwise we'd have to find mortgage and rental payments.
We could stay put and try adding soundproofing measures in like a false ceiling but not sure it works that well and is expensive.
Each seems to have its pitfalls 😕feeling quite confused
Own a small flat and used help to buy. Struggling however due to poor soundproofing so wish we had a house but am unsure how to get out of it.
We have a fixed rate mortgage which we could move without penalty as long as its the same value. As this is only 145k however cannot buy anything with that unless we do shared ownership. We can do this but to qualify need to have sold our place before we can go for that so may have a time gap and I've read negatives about shared ownership so am wary.
We can see if we could borrow more but to prevent charges of 7k penalty on the mortgage it would have to have all exchanged with 90 days, this feels like a gamble, even if we can even borrow more.
We could try renting for four years in a cheaper area until we are not tied with our mortgage, but of course have to hope our place always has a Tennant otherwise we'd have to find mortgage and rental payments.
We could stay put and try adding soundproofing measures in like a false ceiling but not sure it works that well and is expensive.
Each seems to have its pitfalls 😕feeling quite confused
0
Comments
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but of course have to hope our place always has a Tennant otherwise we'd have to find mortgage and rental payments.
you cannot rent the property unless you pay off the help to buy loan first
https://www.helptobuyese.org.uk/more-information/frequently-asked-questions0 -
You also need to demonstrate housing need with shared ownership, so may find it difficult to do that if you own somewhere already0
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Mortgage company may not go for transfer to shared ownership property as different affordability rules apply.0
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Although your ported mortgage needs to be the same value ( as stated by the op) you can probably get a second mortgage ( subject to affordability ).
Make an appointment with a broker to understand your affordability to see if moving is an option at this time.
Soundproofing
Carpets with really good underlay
Door -you can get sound proofing seals that go around the door frame , i had it done once made a huge difference .
There are also companies do pictures that absorb sound.0
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