Advanced search

Shared Ownership 45% ratio?

(1 Post)
BerryCheesecake Fri 20-Apr-12 19:50:11

Applied for a shared ownership property today and went for their 'affordability' assessment.

They put all the information into something called "shared ownership purchase affordability assessment" form and there was a little calculator at the bottom which states how much of a share you can purchase to keep you under the 45% "monthy payments to household income ratio".

The calculator has claimed that we cannot afford the 50% share without a huge deposit (to still be within their 45% affordability ratio).

BUT, we have a mortgage offer from a company who is willing to give me a 95% mortgage on my share with a 5% deposit ( which we can afford).

Is there any way round or a way to over ride this 45% thing he said is set by the Government? is it set in stone or can individual housing schemes accept people who would exceed this 45% thing?

Any advice appreciated as we so desperatly want this house and it was all good to go until this point!

Join the discussion

Join the discussion

Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.

Register now