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Shared Ownership as a 2nd Home?
Flying_Demon
Posts: 31 Forumite
Hi, I have a property out in the sticks but work in London. The cost and time involved in commuting in to London is going up every year. I'd probably struggle to get a 80%+ mortgage for a second property. However, I'm thinking would I be eligible to purchase a shared ownership property (or are they for only available for 1st time buyers and/or people who currently live/work in an area?). If the property was say £ 250K, I purchased say 40% how much "rent" could I expect to pay on the remaining £ 150K?
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Comments
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I very much doubt you'd be eligible, as you already own a property. We have a shared ownership home and had to show that we couldn't afford a 100% mortgage on a property - only 50%.MANAGED 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 -
You can usually expect the rent to come in at about the same price as a mortgage would be.
You wouldn't qualifiy for FTB or keyworker schemes (I presume) so you'd be left with a SO deal with a developer which will be more expensive than one with a housing association.Everything that is supposed to be in heaven is already here on earth.
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