Wish me luck - Shared ownership

[Krystal]

I'm so nervous, me and OH have fallen in love with a house. In an area which is nice and a lot of our friends are there and good local school etc. Well we can't actually afford the house outright at the moment with me working part time until Jack is at School so we have looked into shared ownership.

We will buy 75% and we don't pay rent on 25% we basically just pay it back once we sell or decide to buy the property outright.

At first it seemed so simple but we have had to fill out an application form for it and it all seemed complicated, I have no idea what they are looking for in order for us to 'qualify' and now i'm not feeling very confident about it

Anyway we should hear soon, trying not to get my hopes up but I can't help it. I just want my own home where we can decorate Jack's nursery in bright lovely fun colours and have more space rather than be crammed into this house as nice as it is.

Arghhh sorry for the rant but i'm so nervous I had to type before I exploded

 

[kazlin]

Fingers and toes crossed for you hun

 

[Emma58]

Good luck hope all goes well

 

[x-kirsty-x]

When will you find out if you can have it? Keeping everything crossed for you

 

[mary70]

good luck hun, 40% of the houses where i live are shared ownership and quite a few of my friends have them

 

[Krystal]

I think i'll find out provisionally if I have it within a few days of them reading application then I have to send bank statements etc to prove what I have said is true.

It's worrying cos I don't actually know what they are looking for in an applicant you see, OH is first time buyer which is a requirement but I had a mortgage when I was 18 and sold the house 18 months later, housing market has changed a lot since then but i'm not sure if my previous mortgage will go against it

I want it so bad

 

[Strangeness]

In order to qualify hun all you need to show is that you cannot afford a full mortgage but you can afford to pay 75%. I doubt your old mortgage will go against you because it doesn't mean you can afford to buy now. I think you have to earn £15,000 per year but no more than £50,000. We own 50% of our house and pay rent on the other 50% but it still works out cheaper than private renting for us and we can do what we like to the house (within reason obviously). I love shared ownership, hope all goes well for you hun!! Keep us updated!

 

[Krystal]

Oooh thanks for that hun, yes we can afford the 75% but not 100% I will let you know how it goes anyway.

Aww thanks for posting, it's good to hear from someone who has got it already. Makes me feel a bit more positive

 

[ShineyHappyPeople]

I really hope you get it sweetcheeks, I know how you feel