Co-ownership

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Comments

  • Mollyb
    Mollyb Posts: 36 Forumite
    We've just sent the co-own application with completion date start of September, already have an AIP from Halifax, was the co own part easy enough?

    Yeah the co-ownership application process was a breeze. We did have all our paperwork together though before we put in the application. We had an interview with them where they ran through the whole process and we got our approval shortly after.
    That was the easy part! All the waiting around has my head melted though! I just want to get in and start decorating! We booked the site in June last year so it's been a long time coming!
  • Sounds good then, I assume debt was under 5k no late payments etc? Yea Im sure! We missed out on the last phase so been trying for over 2 years now
  • saverbuyer
    saverbuyer Posts: 2,556 Forumite
    Well they have lent you a large sum of money.... It's not like they are going to do it for free.



    They haven't lent you the money. They own the share, you are renting their part of the house. It is called Co ownership rent.


    Just like a landlord charges you rent.
  • Yes but you own a percentage of the property which is better than nothing
  • saverbuyer
    saverbuyer Posts: 2,556 Forumite
    Yes but you own a percentage of the property which is better than nothing



    You own a percentage yet pay rates, maintenance and insurance on the whole then pay co-ownership for any uplift in value plus rent for their part. If rent is dead money so its the above.




    I don't understand why people don't go through help to buy. At least that way you own the whole amount (not that I'd ever do it).


    Then I realise, looking at posting history, lots of people use co-ownership because they can't even manage to save 5% or it's a couple where one person had dodgy credit history.
  • Help to buy isn't available in NI, Co-own is the equivalent, in our case we have 20k deposit both earn good money but I have default, se we don't want to wait another few years until that drops off.
  • saverbuyer
    saverbuyer Posts: 2,556 Forumite
    Help to buy isn't available in NI, Co-own is the equivalent, in our case we have 20k deposit both earn good money but I have default, se we don't want to wait another few years until that drops off.



    Yes it is.


    There are two forms of help to buy.


    Equity loan, like co-ownership but not available here, you still wouldn't own 100%.


    Mortgage guarantee (you own 100%) available here.


    20k deposit then why co-ownership? You have to put 15k of that down anyway to qualify.


    So you are using the scheme, applying just in the wife's name?
  • Yes going in on one name to start until my situation changes
  • saverbuyer
    saverbuyer Posts: 2,556 Forumite
    Yes going in on one name to start until my situation changes

    Did you tell Halifax you are a dependent for affordability?

    You're not alone. I suspect the co-ownership book is filled with sub-prime credit.
  • pretty frustrating its the only blemish on my file and we both earn easily enough to not need co own, learn from your mistakes though
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