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  • FIRST POST
    • kimbyanne
    • By kimbyanne 3rd Oct 17, 1:53 PM
    • 263Posts
    • 256Thanks
    kimbyanne
    Borrowers Share - Mortgage?
    • #1
    • 3rd Oct 17, 1:53 PM
    Borrowers Share - Mortgage? 3rd Oct 17 at 1:53 PM
    Hi,

    Our shared ownership fixed rate mortgage is coming to an end in a couple of months. All we want to do is fix again - simple I thought. Leeds Building Society has sent me an emailing detailing what products they can offer us.

    There is a selection of two, three and five year fixed mortgages BUT some of them are called "Existing Customer Shared Ownership Fee Free 3.70% Fixed Rate to 31/10/2019 85% Borrowers Share" for example. There are others at different rates and lengths which vary from 85% to 150% - what are these percentages?

    Can someone explain what these % borrowers shares mean? We just want to fix again, not increase our share or anything!

    Thanks
Page 1
    • Kayleigh378
    • By Kayleigh378 7th Nov 17, 5:24 PM
    • 1 Posts
    • 0 Thanks
    Kayleigh378
    • #2
    • 7th Nov 17, 5:24 PM
    • #2
    • 7th Nov 17, 5:24 PM
    Hi did you get a response to this as Im currently in the same position
    • Hlk25
    • By Hlk25 7th Nov 17, 7:24 PM
    • 1 Posts
    • 0 Thanks
    Hlk25
    • #3
    • 7th Nov 17, 7:24 PM
    • #3
    • 7th Nov 17, 7:24 PM
    I need to know too!
    • ViolaLass
    • By ViolaLass 7th Nov 17, 8:37 PM
    • 5,148 Posts
    • 7,145 Thanks
    ViolaLass
    • #4
    • 7th Nov 17, 8:37 PM
    • #4
    • 7th Nov 17, 8:37 PM
    I would have thought that it would mean what LTV you had on the part of the house that you've bought, since it's Shared Ownership

    i.e. if you bought half the house for £100k and had £10k deposit then you would need to borrow £90k at 90% of your share (but 45% of the whole house value).
    • FungalCow
    • By FungalCow 8th Nov 17, 8:18 AM
    • 26 Posts
    • 8 Thanks
    FungalCow
    • #5
    • 8th Nov 17, 8:18 AM
    • #5
    • 8th Nov 17, 8:18 AM
    As stated above, it is the loan to value of your share of the property.
    Leeds are good for high ltv Shared Ownerships but if you are now at 85% ltv there will be better deals out there assuming you qualify. A lot of lenders dropped shared ownership mortgages but still good deals.
    Last one I did with Santander, the retention system couldn't handle the shared ownership aspect and gave the rates as if owned the full property.
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Lunchbox
    • By Lunchbox 8th Nov 17, 9:49 AM
    • 164 Posts
    • 148 Thanks
    Lunchbox
    • #6
    • 8th Nov 17, 9:49 AM
    • #6
    • 8th Nov 17, 9:49 AM
    We’re in the same position and currently remortgaging away from Leeds to get a better rate. We have found the pool of lenders extremely limited compared to before though - only 3 with un-extortionate rates that will do both shared ownership and flat in building over 4 or 6 storeys. Leeds said our building no longer meets their criteria, even though it says it does on the website.
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