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shared ownership
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pc_wizard
Posts: 18 Forumite
i was looking to get a morgtage to pay for 50% of a house i want to purchase.i need 71,000 for the 50%.its a new build property and in a good area.i have checked online and with my wages they will lend me around 71,000.i'm a first time buyer and have a good credit rating,my bank even offered to give me a £25,000 loan when i went to deposit some money:rotfl:
Which bank would be the best to go for mortgage,i have no idea at all.I also have to pay rent on the other 50% but i can afford it.It's a case of where to go.Oh and i am self-employed:D
Which bank would be the best to go for mortgage,i have no idea at all.I also have to pay rent on the other 50% but i can afford it.It's a case of where to go.Oh and i am self-employed:D
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Not all lenders will lend on SO properties and it has got harder since the sub-prime crisis, My sister just got a SO mortgage from Abbey National - but she was messed about for FOUR MONTHS by Barclays. The best bet is to go through a broker, that is what she did in the end and he really came up trumps. Good luckI'm a retired employment solicitor. Hopefully some of my comments might be useful, but they are only my opinion and not intended as legal advice.0
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Shared Ownership and Self employed .. sorry mate aint gonna happen. Have you got three Years verifiable accounts showing an increasing turnover? Have you got a 10% deposit. Likely to get a mort but have to pay over the odds possibly 2%+ over. Best to put down a large dep (15-20%) to get some equity in the property. Broker def. Hi-street wont touch you.tribuo veneratio ut alius quod they mos veneratio vos0
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Should be straight forward as long as you have accounts, and your income can support the mortgage, the rent payable and any other financial commitments you may have.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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our shared ownership mortgage is with kent reliance bs who i think have won awards for being the best s.o. lender. it was straight forward and they are easy to deal with.
good luckMANAGED TO CLEAR A 3K OVERDRAFT IN ONE FRUGAL, SUPER CHARGED MONEY EARNING MONTH!:j
£10 a day challenge Aug £408.50, Sept £90
Weekly.
155/200
"It's not always rainbows and butterflies, It's compromise that moves us along."0 -
Hi, we are going through halifax for our shared ownership mortgage. They will do up to 97% LTV aswell which has helped.
Good luck x0 -
Hi, just a quick q. When it says i.e. 75% LTV is that 75% of the share you are purchasing or total property value including the rental percentage?"I've fallen down a hole" - said in best Monty Python voice-over.0
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