Shared Ownerhip House

[lankeela]

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?

[woofgang]

remortgage?

[lankeela]

WouId I get one with a poor credit record? And onIy five years tiII I retire? I haven't spoken to my mortgage provider yet (not many do shared ownership anyway).

[woofgang]

you don’t know till you ask.....I guess it depends too on the value of your share of the house.....this is a bit off the wall but are the warm home grants still available?

[ubasses]

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.

[Buenchico]

From my own local council's website (but I don't know how the 'shared ownership' factor affects things):
http://www.midsuffolk.gov.uk/housing-and-homelessness/landlords-and-private-sector-housing/private-sector-housing-grants/renovation-grant-and-loan/

[johnny37]

Shared ownership is fraught with obstacles. I suggest you talk to your council (if they are the joint owners).