I’m currently attempting to apply for a shared ownership property.
The HA referred me to a financial advisor who did the financial checks and said I could afford a 40% share of a £300k house. I have a 5% deposit. They submitted my documents to the HA. However, after chasing the HA I’ve found out that my application has been referred as I’m just over their preferred limit (I’m guessing 45%?) as I have a loan and also took on my husband’s credit card (he has defaults from covid times which we were advised wouldn’t help our mortgage application so I’m going it alone, the credit card had been transferred before we decided to look into shared ownership otherwise we wouldn’t have done it). What are the chances of them allowing my application to succeed if I’m slightly over their limit?
Also, whilst I have a mortgage in principle that will allow me to buy the 40% share, when I was doing my own searches, the companies that offer shared ownership mortgages don’t seem to offer enough to cover the size of the mortgage I would need - £114k. The results were coming back around £82k. If you have a mortgage in principle, is it likely once a proper check is done, the offer would be lower than the mortgage in principle?
The financial advisor made it sound like everything would be ok but I’m thinking the above doesn’t sound great for me.