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  • FIRST POST
    • niros22
    • By niros22 15th May 18, 5:24 PM
    • 8Posts
    • 0Thanks
    niros22
    Shared Ownership - Mortgage Term
    • #1
    • 15th May 18, 5:24 PM
    Shared Ownership - Mortgage Term 15th May 18 at 5:24 PM
    Hi guys,
    Two weeks ago,I had an appointment with my Mortgage advisor,because I was offered A Shared ownership Property which is 50% share 95000 and the other 50% is rent.We have done the decision in Principle.She has sent me via email Halifax Illustrated.My lender will be Halifax,however I have chosen Mortgage terms 30years but would change to 35 years.Because,it could give me more time to save and the monthly outgoing will be less.
    She is currently on holiday,but once she comes back she will start process with the Mortgage application.
    Is it possible to change around the Mortgage Terms and who do I have to contact The Lender or The Mortgage Advisor?
    Thanks
Page 1
    • GoingOn30
    • By GoingOn30 15th May 18, 5:56 PM
    • 83 Posts
    • 59 Thanks
    GoingOn30
    • #2
    • 15th May 18, 5:56 PM
    • #2
    • 15th May 18, 5:56 PM
    How old are you? A 35 year mortgage could see you tied in until you a ripe old age and you never know if you'll be physically able to keep working.

    If a 30 year term would be pushing it with your monthly repayments then you could look at 32 or 33 year terms if you're young enough.
    • niros22
    • By niros22 15th May 18, 6:45 PM
    • 8 Posts
    • 0 Thanks
    niros22
    • #3
    • 15th May 18, 6:45 PM
    • #3
    • 15th May 18, 6:45 PM
    Hi,
    I Thank You for the quick response.I am
    29 years old.
    I am not sure if I should wait till the application process is successfully done or Can I could change with the lender Halifax in a month time or shall I ask my Mortgage Advisor?
    Thanks
    • G_M
    • By G_M 15th May 18, 6:57 PM
    • 44,745 Posts
    • 53,252 Thanks
    G_M
    • #4
    • 15th May 18, 6:57 PM
    • #4
    • 15th May 18, 6:57 PM
    If you're going to change the term, do it before you make the formal application.


    If the formal application has already been submitted, then enquire asap about changing your application - the lender might accept you on a 30 year term but reject the 35 term - who knows?


    That's a very long time to be tied into paying a mortgage. And not even on a whole property! Are you sure shared ownership is a good idea? How long do you plane to stay in this property? All your life?
    • niros22
    • By niros22 15th May 18, 7:52 PM
    • 8 Posts
    • 0 Thanks
    niros22
    • #5
    • 15th May 18, 7:52 PM
    • #5
    • 15th May 18, 7:52 PM
    I am going for a Shared Ownership,because I live in Private rented place and the rent is very high,but I don't want to live whole my live the Property.Maybe,It will be 5 years and then I should saved up money to go for whole Property.
    The formal application will be done next week because my Mortgage Advisor is currently on holiday.
    Guys,Do you think she will change the Mortgage Term,because when she done the lender search,the only lender who was accepting shared ownership was Halifax?
    Thanks
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