Quizzes & Puzzles0 min ago
Shared Ownerhip House
6 Answers
I've just finished paying off the morgage on my haIf of a shared ownership house. The counciI wiII do no work or repairs on it and I cannot afford to do any - needs doubIe gIazing, heating and some pIumbing. Got a reaIIy bad credit history so don't know what's the best way to borrow to get the work done. I need about £5,000 and equity reIease wouId be ideaI but they don't do it on shared ownership. I have got 5 years to go tiII pension age (unIess they change these daft ruIes). Any suggestions? Is there any way I can borrow against the house?
Answers
1 to 6 of 6
Best Answer
No best answer has yet been selected by lankeela. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.
Difficult but not impossible. Shared ownership does mean you are responsible for all maintenance and repairs. Neither would it be likely that you could find a Lifetime Equity Release Company to lend.
You don't say how bad your credit history is or how long since the last adverse entry was made.
Approach a Mortgage Broker, they will often be able to get a Loan under your circumstances and maybe beyond your retirement age, as long as you can prove ability to repay from retirement income. Probably looking at a maximum loan of 70% of your share of property and interest rates will be be higher than any you see being advertised by any of the mainstream lenders.
I will give my usual caveat, I have been retired a few years now and things may have changed.
You don't say how bad your credit history is or how long since the last adverse entry was made.
Approach a Mortgage Broker, they will often be able to get a Loan under your circumstances and maybe beyond your retirement age, as long as you can prove ability to repay from retirement income. Probably looking at a maximum loan of 70% of your share of property and interest rates will be be higher than any you see being advertised by any of the mainstream lenders.
I will give my usual caveat, I have been retired a few years now and things may have changed.
From my own local council's website (but I don't know how the 'shared ownership' factor affects things):
http://
http://
1 to 6 of 6
Related Questions
Sorry, we can't find any related questions. Try using the search bar at the top of the page to search for some keywords, or choose a topic and submit your own question.