Shared Ownership eligibility

claceystare

My partner is currently trying to apply for a shared ownership property as a first time buyer, of which he has done as a solo applicant as I own a shared ownership property that I purchased before we met.

It is not yet on the market as we have nowhere to go with a baby if he were to be unsuccessful, but the plan is for me to put it up for sale once he can reserve a plot. 

So he has put me on the application, as a cohabitee only. 

I’m aware that it is a requirement for your property to be on the market in order to proceed with buying another shared ownership, however I am not an applicant for the house or mortgage so would this still apply? 

They are asking whether my property is on the market and I’m worried this will affect my partner purchasing on his own, when he has been confirmed eligible and can get the mortgage.

Havealittlefun

Is this the mortgage advisor you are referencing to asking the questions.  Its better to be honest. If its a bank, then yes i too would be cautious with my answers.

Realistically whether you live there or not shouldn't affect his solo mortgage application as its based on affordability.  It maybe they are trying to see if you can get a larger mortgage if you do a joint application and sell your current property.  Just options.

You probably do need to think about what do you both want to do in the future and the affect it would have on you and your child.  Having a shared ownership property means you already have main residence and will have to sell eventually if you move out. 

Good luck!