rent to buy and single mortgage

[leadinglady]

Hi can anyone offer any advice here please. I jointly own a property with my ex. We are thinking of changing the mortgage a) to a single mortage, b) also change it to a buy to let mortgage. release some of the money so i can have a small deposit to start all over again. I can't afford to buy off the open market so am considering shared ownership.

I wonder whether anyone has experience of this they can share with me.

thanks in advance

Do you mean you would come off the mortgage completely and ex would buy you out? Shared ownership unlikely to accept you if you have a mortgage already

Rent to buy is no longer funded and the ones that are about are coming to the end of the rent period.

Having had a read of the capital funding guide.
You will need to have a household income of less than £60k. Priority is given to first time buyers. If you have had a mortgage you will need a referal from your local authority and it will be by exception on a case by case basis.

hi I had a shared ownership flat - what do you need to know?
brilliant central London location that I would never have been able to afford otherwise. I think you would qualify for affordable housing as some housing associations sell them on the open market - look on L&Q's site at their homes for sale. They have all the criteria on there. I think they are mostly in London though.

Green I would come off the mortgage all together, so my ex would in effect buy me out. I wish i earned £60K + but sadly i don't, i earn less.

I spoke with First Buy and they told me that relationship break up doesn't automatically mean I would qualify, as local authorities no longer accept that as part of their criteria. Even though I have DCs. They did tell me to apply anyway with proof that I am not longer on the mortgage and see what happens.

I can't stay in this relationship any longer whether money is an issue or not.

First Buy is not the same as a housing association shared ownership.
First Buy is for first time buyers and is developer led. The HCA grant aids a 5% stake which is matched by the developer. The householder funds the remaining 90%. A charge remains on the property until it is sold and the money is repaid.

HA shared ownership is where the householder buys a part of the property and the HA retains ownership of the remaining part. The householder then pays rent on the bit that the HA owns. The householder can then buy additional tranches as they can afford it. There is no obligation to purchase further tranches.

The rent to buy was where the householder paid a reduced rent so they could save a deposit to buy the property. These are mostly coming to the end of the 3 year rent period. They are no longer funded.

I would speak to your local housing officer so you can get onto the housing list. With social housing being in such short supply there are very few areas where shared ownership is available to people not on the housing list.