Seperation and Shared Ownership query

h240

This was having experience with 2 housing Associations in the south one of them is the biggest housing association here and they do a quick affordability check based on the details you give them then you have to use their mortgage advisors for the proper checks and they find you the mortgage but I guess you could say I want a different broker but they made it clear that all the checks etc had to be with their advisors

haras_nosirrah

As the shared ownership assessors we have to do the housing association affordability checks and sign off the documents. I am on panel for Hyde, clarion and savilles but they have a number of panel brokers. We should all work the same though.

The mortgage is something different and the client is able to use any broker they wish for the actual mortgage.

I make this clear to anyone who I do an assessment for that while we specialise in shared ownership it is there choice who they use. I would say 75% do use me but that is their choice to do so. Similarly I did 5 mortgages for people last month who were using a different housing association to one I was on panel for but still wanted to use me as their broker. Some from this website.

Anyway just wanted to clear that up for people reading this and looking to do shared ownership. You do have to do the assessment via their broker but the mortgage is your choice.

AngelEyes91

Thank you.

I wouldnt be looking for anywhere overall expensive. I just want a 2 bed flat for a share of £90k. Surely that would be affordable with my wage?
I went through all the affordability to get my mortgage and I was fine so I would assume I would be okay?
Renting is so expensive here and you don’t get anything wonderful for the price either.

We cannot but each other out and I can’t afford to run a 3 bed semi on my own

dimbo61

I also work for the emergency services and drive a big yellow bus
Can you not transfer to another part of the country with your skills and qualifications ?

BookmobileBadGirl

AngelEyes91 wrote: »

Thank you.

I wouldnt be looking for anywhere overall expensive. I just want a 2 bed flat for a share of £90k. Surely that would be affordable with my wage?
I went through all the affordability to get my mortgage and I was fine so I would assume I would be okay?
Renting is so expensive here and you don’t get anything wonderful for the price either.

We cannot but each other out and I can’t afford to run a 3 bed semi on my own

I am sorry to hear about your situation. I am sure others may able to give expert advice but based on my experience with shared ownership you are unlikely to qualify with your income. I am not sure what percentage 90k would be, but remember that on top of the mortgage there is the rent, the service charge for the flat, and all the bills.

When I bought my 25% share of my one bedroom flat for 90k, I was earning £39,000 and it was very touch and go if they would let me. I had to put down a 15% deposit to get the numbers to work

h240

I was going to say the same shared ownership really isn’t that “affordable” I work part time and my husband was earning £32k and we had a £25,000 deposit, a baby and we could just about get a 40% share on a 2 bed newbuild but the rent goes up quite often too even though the mortgage is low. We had to put down a large deposit for it to work. There might also be stamp duty on top depending on the share you purchase as you aren’t a first time buyer you won’t be exempt. Usually you have to register with the housing association first and wait until your house is under offer before you’d even know if you’d get accepted, it’s a very long procedure. Kind of glad we have sold our share now and buying normally. Is there no way you can buy nearer your family where it’s more affordable?

AngelEyes91

Thank you for all your replies.

I have had an affordability assessment and I can actually afford to do it.

My life and job are here, i really dont want to relocate as they will be quite distressing starting somewhere new where i dont know anyone. Also here is where i grew up so its not really an option.