Hello all,
We have enquired about a shared ownership property with a housing association recently and received positive feedback. We await an appointment with their mortgage advisor.
The house is £130,000, and we are looking at a 25% share, which is £32500. We have £7500 to put down as a deposit, so the mortgage is £25,000. We earn £50k between us and have 1 credit card each to re-build our credit from a bankrupty 4 years ago. We have 'cleaned' our credit files so to speak so all previous accounts are now settled.
My wife qualifies as a key worker, we rent privately and we have 2 kids so meet the criteria. We are in long term employment and have rented at £650 for 4 years without missing a payment.
Would anyone say we have a chance of obtaining the mortgage? Thanks for any feedback.
We have enquired about a shared ownership property with a housing association recently and received positive feedback. We await an appointment with their mortgage advisor.
The house is £130,000, and we are looking at a 25% share, which is £32500. We have £7500 to put down as a deposit, so the mortgage is £25,000. We earn £50k between us and have 1 credit card each to re-build our credit from a bankrupty 4 years ago. We have 'cleaned' our credit files so to speak so all previous accounts are now settled.
My wife qualifies as a key worker, we rent privately and we have 2 kids so meet the criteria. We are in long term employment and have rented at £650 for 4 years without missing a payment.
Would anyone say we have a chance of obtaining the mortgage? Thanks for any feedback.