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Shared ownership and mortgage
stuartlears
Posts: 4 Newbie
Hi all.
I am currently in a shared ownership 2 bed property. Looking at getting a 3 bed shared ownership house as partner and their child will be moving in. The house will be solely in my name as the money is coming from my house for the purchase of new property. (Keeping in my name as security for myself if any issues with relationship)
My house is sold and the house we’re looking at is a 40% share at £126000. The company selling the house (new build) has now said to me that based on my wages alone £19000 that I can afford to purchase a 45% share of the property if I take a mortgage out for the extra £15750 to purchase the 5% above the 40%.
otherwise they class me having the 40% share as too affordable, and i probably won’t get the house unless I have the mortgage.
I’ve worked out my expenditures and this isn’t possible with the wages I earn. I would be paying approximately £750 per month for rent @£466 then mortgage payment on top before paying any other bills etc. leaving me without any money for things like dental, glasses, a tyre for my car etc.
is this illegal for them to what seems to be forcing me to take out “their mortgage” so I can have the house. I do not want a mortgage and I don’t want to be paying over £13000 in interest on a £16000 mortgage.
I am currently in a shared ownership 2 bed property. Looking at getting a 3 bed shared ownership house as partner and their child will be moving in. The house will be solely in my name as the money is coming from my house for the purchase of new property. (Keeping in my name as security for myself if any issues with relationship)
My house is sold and the house we’re looking at is a 40% share at £126000. The company selling the house (new build) has now said to me that based on my wages alone £19000 that I can afford to purchase a 45% share of the property if I take a mortgage out for the extra £15750 to purchase the 5% above the 40%.
otherwise they class me having the 40% share as too affordable, and i probably won’t get the house unless I have the mortgage.
I’ve worked out my expenditures and this isn’t possible with the wages I earn. I would be paying approximately £750 per month for rent @£466 then mortgage payment on top before paying any other bills etc. leaving me without any money for things like dental, glasses, a tyre for my car etc.
is this illegal for them to what seems to be forcing me to take out “their mortgage” so I can have the house. I do not want a mortgage and I don’t want to be paying over £13000 in interest on a £16000 mortgage.
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