Co-ownership

saverbuyer · 12 May 2015 at 10:57AM

leemuddywaters wrote: »

Got the acceptance from Co-own yesterday on the telephone interview, letter being sent out, Valuation from Halifax being done on the 18th! Only thing can stop us now is the underwriter in the Halifax, fingers crossed

You should be grand unless the underwriter flags it up as a single application to hide poor credit rating of your husband/wife.

Your broker should be able to tell you the chances of that happening.

Tracy12345 · 12 May 2015 at 4:29PM

I have a couple of questions as well.
If you buy at 50/50 who pays the property insurance- is it halved or will it still b my responsibility
And will co ownership help with the rates as they own half the property as well.

Tracy12345 · 12 May 2015 at 4:36PM

Valuation completed yesterday and I spoke to the guy in person he says if co ownership have sent out then it look like things are looking good. Also told me the property was worth more but will put it in at the price vendor excepted. He said if he valued it at more co owner would ask questions and that would hold up the process.

AWeeCuppaTea · 12 May 2015 at 8:19PM

Co Ownership won't pay any of the rates/buildings insurance/ground rent etc regardless of %.

Congrats Lee, may I ask why you decided on Halifax rather than Ulster Bank? I thought Halifax still ask for a deposit for the part you're buying whereas Ulster Bank don't, and that UB's rates were lower?

leemuddywaters · 13 May 2015 at 9:19AM

Hi thanks - well we already had a 15k deposit saved and the mortgage shop were able to get us a good deal with them, as long as it gets us on the ladder we don't mind

leemuddywaters · 21 May 2015 at 10:45AM

Co ownership accepted, mortgage accepted, house completion end of august!

Tracy12345 · 21 May 2015 at 3:07PM

Co ownership texted me yesterday an have excepted yippee now for my ulster bank interview next Thursday does anyone know what questions they will ask and how long this process will take

1SunnyDayz · 22 May 2015 at 5:52PM

Hi all, this seems to be the place to ask this question, does anyone have a list of which banks will provide a mortgage under the scheme? All I can find so far is Ulster Bank. Thanks!

AWeeCuppaTea · 22 May 2015 at 9:43PM

They will ask you questions about;

- what your monthly budget is for your mortgage
- what term you want to look at & why
- what repayment method you want i.e. repayment or interest only
- what type of product you want i.e. fixed or variable. If fixed they will also want to know how long you want to be fixed for & why e.g 2,3,5 years etc

It may be worth having a go on some online calculators so you know what kind of figures to give them, I knew I wanted the longest term they offered which was 35 years, I also knew I wanted to be fixed for 5 years, so had a look online at their rates, then put all the info into a calculator to see what the monthly payments would be & gave that as my budget. Otherwise if I'd given a bigger budget they may have given me a shorter mortgage term.

Also Sunnydayz, most lenders will offer some sort of Co/Shared Ownership product. Some will ask for deposits, some won't. For example Ulster Bank don't ask for a deposit unless you're buying more than 80%. Some will base the rates they'll offer you on the total value of the house, some will base them only of your share of the value. They'll each have their own policies. Ulster Bank is the most popular in NI for this as far as I know.

If you want to know the best deal from whole of market, it may be worth seeking a mortgage broker

bettybelle · 8 June 2015 at 5:24PM

AWeeCuppaTea wrote: »

Co Ownership won't pay any of the rates/buildings insurance/ground rent etc regardless

ground rent is paid by Co-Own as it is factored into your rent payment - I've been in my Co-Own house 3 yrs now so maybe they've changed the rules..

Co-ownership

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