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Shared Ownership - Financial Assessment + Mortgage
ryanhardim
Posts: 2 Newbie
Hi,
Myself and my partner are currently going through the process of purchasing our first property through the Help To Buy Shared Ownership scheme, we are at the process with a property listed at a 40% share and we have sent our details off to get a Financial Assessment done, and they have come back saying that they want us to go for a 75% share at £126,000. However, when they told us this I replied saying that we already had a Agreement in Principle from our bank and they would only allow us to borrow up to £77,000 so wouldn't be able to go for 75%, but they submitted it to the housing association anyway.
My main question is basically what is going to happen next? Will they eventually come back saying that they would have to put the share down? Or would they pull out of the sale and go with someone else that could possibly go for a 75% share?
Thanks.
Myself and my partner are currently going through the process of purchasing our first property through the Help To Buy Shared Ownership scheme, we are at the process with a property listed at a 40% share and we have sent our details off to get a Financial Assessment done, and they have come back saying that they want us to go for a 75% share at £126,000. However, when they told us this I replied saying that we already had a Agreement in Principle from our bank and they would only allow us to borrow up to £77,000 so wouldn't be able to go for 75%, but they submitted it to the housing association anyway.
My main question is basically what is going to happen next? Will they eventually come back saying that they would have to put the share down? Or would they pull out of the sale and go with someone else that could possibly go for a 75% share?
Thanks.
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