change from private housing to affordable

L

lynn81

Guest
I have a mortgage currently with my boyfriend but im just wondering if we split would i be able to go down the route of getting affordable housing and pay off my mortgage so I could keep the house?
 
This was my first house its just i know i cant afford the mortgage on my own and i dont want to have to see the house as we would never make the money back and id be in a worse situation than before i got the house. Are they any options open to me?
 
Lynn sorry I'm not to sure what you mean. Can you explain a bit more?
do you mean that you want to hold on to your current home and rent it, and buy an affordable one for you to live in?
Or jointly sell your current home and apply for an affordable home in your own name?
The AH scheme is mainly for FTBs but others can apply if they have special circumstances (e.g. divorced so buying on their own). I'm not sure if your circumstances would fit their criteria (but there is no harm in asking).
Even if you sold current home (and went into negative equity) and were approved for the AH scheme, you can only have an 80% LTV ratio- so you could not get a larger mortgage and pay back your old mortgage deficit and buy new AH home. You would probably have to get a personal loan (??) to cover the deficit.
BTW- I'm not entirely sure, so am open to correction!
 
Just thinking -does anyone know if shared ownership could be done in above case? or is that FTB too?
 
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