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hi
daughter is splitting with hubby, and hubby will be buying her out. she wants to enter into a 'shared ownership' jobby to move on with her life, but she has read that you can only do this as a first time buyer.
there are 2 kids involved and early indications are that they will be having one daughter each living with them, the eldest is a couple of years off leaving school and wants to stay with dad.
its all amicable at the moment which is good.
she has asked me if i can find out whether previously being a joint owner of her current mortgage will mean she can no longer be a first time buyer and so cannot do this, or whether it means first time buyer on your own.
anyone know the answer to this?
there are other complications such as moving from tax credits to universal credit etc but basically its just that main question that she needs answering.
thanks
Quick google suggests that as long as she’s not currently on a mortgage then she’s eligible.
https://www.moneysupermarket.com/mortgages/first-time-buyers/shared-ownership-schemes/
spot on, thank you, ive passed that on.
One of my wife's friends bought a shared ownership house and had a bit of a 'mare with it. It was a new house on the Gov't scheme and sounded fairly normal set up. After a couple of years they needed to move, however the house had dropped in value and the gov't backed financing would not agree to a lower sale price than they bought it for. They ended up somewhat in a bind.
Don't know full details as they were telling the tail of their woes a couple of years ago over dinner, sorry .