How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Thomas Your Own Question
Thomas
Thomas, Solicitor
Category: Property Law
Satisfied Customers: 7626
Experience:  UK solicitor holding an England and Wales practising Certificate.
28732269
Type Your Property Law Question Here...
Thomas is online now

We are 5,5 years Housing pendle tenants and wish to buy our

Customer Question

Hi.We are 5,5 years Housing pendle tenants and wish to buy our house .bouth are full time worker.have 1 son 12 years old..Do we can get a mortgage for buy our house ?
Submitted: 1 year ago.
Category: Property Law
Expert:  Thomas replied 1 year ago.

Hi

Are you asking whether you can get a mortgage?

Tom

Customer: replied 1 year ago.
I do.and where is the better?in the bank or council ?
Expert:  Thomas replied 1 year ago.

Hi

Thanks for your patience.

The housing association is unlikely to offer you a mortgage as such. However, they may be prepared to offer you a shared ownership arrangement. This is where you buy a percentage of the property, with the housing association owning the remaining percentage of the property (eg 75/25, 50/50, 25/75).

The shared ownership model is generally used where a buyer cannot afford to purchase the whole value of the property even with assistance from whatever mortgage they arrange.

I would suggest that you see a mortgage broker to determine how much a high street lender (eg. Nationwide/santander/hsbc) would be prepared to lender you. Then, you can work out how much money you have combined with your mortgage and the deposit monies you have available, to see if you can afford to purchase the property

If you do not have enough money with the mortgage and your deposit then you can approach the housing association to see if they are willing to offer you a shared ownership deal for the property

My goal is to provide you with a good service. If you feel you have received anything less, please reply back as I am happy to address follow-up issues specifically relating to your question. If you are satisfied then please leave positive feedback using the stars at the top of the page.

Kind regards,

Tom

Expert:  Thomas replied 1 year ago.

Hi

Is there any further information you require?

I just want to ensure that you are satisfied, so please let me know if you have any further queries on the information I have provided. If you have no further questions then please do leave positive feedback using the stars at the top of the page.

Kind regards,

Tom