Shared ownership

[SharingSharer]

I posted this in chat but probably should have put it in here so here goes...

DH and I are currently going through the application process for a shared ownership property. The housing association has told us that due to our income we have to buy the maximum share that we can afford which is 45%. I've never heard of this before and can't find anything online about it. Unfortunately we don't have a deposit big enough for this percentage and only wanted to buy a smaller share but they say we can't do this. Obviously if this is the case, that's fine, but I just wondered if it was this particular housing association rules or if they all do this.

I currently live in a shared ownership. Yes some housing associations will push you to buy a bigger share if you have a higher income, but if you don't have the deposit to afford it then obviously that's a problem. What % were you intending to put down as a deposit? There are still some lenders that will let you have a 95% mortgage for shared ownership properties. I would advise speaking to someone at the housing association in person on the phone and seeing if they would let you buy a smaller share.

We only wanted 25% share. Possibly 30%. But they said that because it's a government scheme, they do an affordability check and that works out the highest percentage we have to buy. And that's the only percentage we can buy. I've spoken to the shared ownership person a few times now but she's adamant that we can't get a lower share.

We have a 5% deposit for a 45% share but the mortgage advisor said that it's unaffordable for us!

I can't find anything online about having to buy the biggest share you can afford so I don't know where we stand. I might ring another housing association and seeing what they say.

How do you find shared ownership if you don't mind me asking?

How frustrating. Can you try a mortgage broker who specialises in shared ownership mortgages and see if he can find you a lender willing to loan with a 5% deposit?

Most shared ownership schemes have their own local website to advertise properties. Where I am in the south east fro example it's www.helptobuyese.org.uk/ but I understand that each locality has it's own website. Obviously I don't know where you are in the country but if you google you should find it. xx

It really is frustrating! There were a few lenders that were willing to loan on a 5% deposit but according to the mortgage advisor, it was unaffordable for us so I feel like it's a bit catch 22. The housing association will only let us buy 45% but the mortgage advisor says we can't borrow that much! If we were allowed to buy a smaller percentage our deposit would be a bigger percentage.

I will look for a broker that specialises in shared ownership and thanks for the link.

Good luck. xx

Thanks kitkat

Can anyone recommend any mortgage brokers that aren't too expensive please?

Sharing in my experience local, independent ones are usually better than the big chain ones. So maybe see what's in your local area?

Thanks KitKat I'll see what we've got nearby.