Shared Equity

JustJane101

Good afteroon all

Long story short - my mortgage application with Kensington went sideways. They were not happy to accept a portion of my wage that is non taxable income, so reduced what they were willing to lend to me down to 86k. This has put a stopper on my house purchase now, which is a shame.

I've been going through my options - and there are some shared equity houses availabe in the general area that I wish to live. There is no rent paid on the share heald by the Scottish Govt. One house I have seen in on the market for £130k but availabe to purchase from £78k. If Kensington are prepared to lend me 86k, and I provide a deposit of 9k that puts me at 95k which would buy a 70% share.

My questions that I have are as follows:

> Do Kensington allow shared equity purchases?

> I appreciate I will be required to re-apply once lockdown is over if things go back to normal. With the reduction in what they are prepared to lend, this increases my available deposit to over 10%, so this may open more options to me?

> Has anyone got any good experiences with shared equity?

>Can you rent a spare room if a portion of the property is owned by the Govt? (probably won't actually do this, but would like the option too should I wish).

> Can you build sheds in the garden and do things like replace the bathroom and add fitted wardrobes?

I appreciate that these questions should be posed to my broker, but I am now on the hunt for a new broker, because the amount of mistakes now are mounting up.

Thank you all for your support over this last month - it has been stressful but I am determined to own my own house!