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  • FIRST POST
    • NoNoDrama
    • By NoNoDrama 9th Jan 18, 9:28 PM
    • 223Posts
    • 64Thanks
    NoNoDrama
    Shared Ownership - I'm First Time Buyer, Partner Isn't?
    • #1
    • 9th Jan 18, 9:28 PM
    Shared Ownership - I'm First Time Buyer, Partner Isn't? 9th Jan 18 at 9:28 PM
    How does it work in this scenario then? She bought property 10 years ago but had repossession and bankruptcy (both over 6 years ago).

    Ideally as the bedroom restriction has been lifted I would just disown her financially and have her has a lodger and me with full financial responsibility.

    However pretty sure I would fail any affordability criteria without her named.

    2 x salary for mortgage (25% S/O) with the rent and service charge total % of wage for house would be 45% of my monthly salary?
Page 1
    • 00ec25
    • By 00ec25 9th Jan 18, 10:19 PM
    • 6,517 Posts
    • 6,078 Thanks
    00ec25
    • #2
    • 9th Jan 18, 10:19 PM
    • #2
    • 9th Jan 18, 10:19 PM
    what is your question?

    FTB in terms of ?
    - mortgage?
    - SDLT?
    - ability to buy a SO?

    the impact of her having already owned property depends on your question (and whether partner = married to each other)
    • NoNoDrama
    • By NoNoDrama 9th Jan 18, 11:10 PM
    • 223 Posts
    • 64 Thanks
    NoNoDrama
    • #3
    • 9th Jan 18, 11:10 PM
    • #3
    • 9th Jan 18, 11:10 PM
    Terms of S/O.

    But as the bedroom restriction has now been lifted (e.g single person can now bid for 4 bedroom) guess my real question would be can I take on the whole financial responsibility and then move her in without a financial association?

    Not married.
    Last edited by NoNoDrama; 09-01-2018 at 11:12 PM.
    • haras_nosirrah
    • By haras_nosirrah 10th Jan 18, 7:02 AM
    • 1,426 Posts
    • 2,630 Thanks
    haras_nosirrah
    • #4
    • 10th Jan 18, 7:02 AM
    • #4
    • 10th Jan 18, 7:02 AM
    I specialise in shared ownership and have done for 11 years.

    you don't have to be a first time buyer to get a shared ownership. You just have to demonstrate that you just cannot currently own a property anywhere in the uk or the world and also must meet the affordability criteria.
    I am a Mortgage Adviser
    You 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.
    • PrettyinPink
    • By PrettyinPink 13th Jan 18, 1:04 PM
    • 2 Posts
    • 0 Thanks
    PrettyinPink
    • #5
    • 13th Jan 18, 1:04 PM
    Advice
    • #5
    • 13th Jan 18, 1:04 PM
    I'm trying to sell my shared ownership property, I've had a positive experience with SO. In your experience how long does it take to sale is there anything I can do? What's the process

    Many thanks
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