FTB Mortgage - Shared Ownership
Discussion
Hi all, seen a shared ownership flat that takes my fancy and will be making inquiries tomorrow. Just a quick question re. gearing levels as I don't have Sarnie's e-mail to hand in this computer plus some general consensus:
Vague details below:
75% share
just under 4x salary multiple needed
Sole applicant
Payments at 6% would remain very affordable (stress tested)
London Postcode
The problem is the deposit.....I have 5% (can maybe stretch to 10% at a push but would rather not...) would this be possible?
Aim to keep a longer term 30/35 years but allow uncapped overpayments?
Any advice greatly appreciated, Thanks, Kieran
Vague details below:
75% share
just under 4x salary multiple needed
Sole applicant
Payments at 6% would remain very affordable (stress tested)
London Postcode
The problem is the deposit.....I have 5% (can maybe stretch to 10% at a push but would rather not...) would this be possible?
Aim to keep a longer term 30/35 years but allow uncapped overpayments?
Any advice greatly appreciated, Thanks, Kieran
Burgmeister said:
Yes, Nationwide will accept a 5% deposit on the share being purchased.
That would be a touch as I've already checked and i'm within their multiple, I bank with them currently and a very good friend is a mortgage broker for them....I'll thrw him a call in the morning (provided the place(s) are still available and check out ok
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