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How hard is it to get a 95% mortgage
It is something many of us have seen plastered across banks and building society’s windows and advertisements ‘No deposit? No problem!’ but how realistic is that statement?
A lot of the time, this statement refers to a mortgage in association with Co-Ownership who will effectively purchase up to 50% of your property with you. There is a range of criteria you must meet such as the amount of outstanding debt you already have etc and then the price of house you are able to buy is determined by your earnings & deposit. Obviously the more you earn and the more deposit you have the more you are able to spend on a house.
Co-Ownership have some tools on their website that can help you calculate how much you may be able to spend on a house with shared equity and how much your monthly repayments will be with Co-Ownership rent and mortgage repayments, there is even a handy monthly budget planner on there too.
To talk to someone about the process of buying your home through co-ownership, contact us. We can help you every step of the way from knowing how much you may be able to spend on a property to applying for the best mortgage.
Read the article from the BBC here.