Shared ownership household income

ElizabethRose

Where is the deposit coming from? The question will be asked and if some of it is from your partner will they sign a legal document to say it's a gift with no request for repayment or ownership of the property?

stevenbecca

not a chance you'll get approved for shared ownership, your clearly in London if a flat is 300k+ which a small basic ine isn't, there cap is 90k if your on over 90k together you can definitely afford to buy openmarket. 

moneysavinghero

lruszczak said:

That is not a question i asked but also that statement is rubbish.

25k deposit and fees on 95% mortgage for 360k flat.
Mortgage monthly comes to 1.8k as low deposit and 1st time mortgage means high apr.

You have a household income of at least £90,000. A 360k flat with 25k deposit leaves you needed a mortgage of 3.7 times income, well within what you would be allowed to borrow. Your deposit is 7% and with 5% mortgages you can get a mortgage. You only need another 10k to get your deposit upto 10%. With an income in excess of £90k that should be fairly easy.

Of course with help it may work out cheaper per month. That's the point of help, it's meant to be helpful. But not everyone needs help and you fall into that category. And in the long term it might actually be more beneficial to you to actually own 100% of your own home.