Mortgage Type

boggie40

cant seem to find on here the type of mortgage that i think i have heard about where the bank/building society that lends you the money to purchase your property - they lend you 50% of the house value, you pay a 25% deposit and they retain the other 25% of the equity. ????

hope that makes sense

boggie40

anyone ???

Toughluck

Based upon your previous post, have you offered on a property without having a mortgage agreed in principle?

Conrad

Shared ownership but not quite as you describe it. You need to get accepted by a Housing Assoication first

boggie40

thats what we were advised to do - put an acceptable bid in then he was going to apply for whatever we needed ???

we have no idea what has to be done to be honest.
we have a solicitor lined up, someone we have used previously and they are local so we are in the hands of our broker !

robin_banks

To be accepted by the Housing Association you first need to be on some form of priority as shared ownership through a HA is not open to all;

These are examples;

- You are classed as a keyworker -
- You have a local authority property and will be giving this up, this more often than not is specific to the local aurhority. I.E. you are interested in a shared ownership property in Sheffield priority is given to those already living in a council house in Sheffield.

www.housingoptions.org.uk will give you more details.

You will need at least a 10% deposit, and allow £2,000 for solictors fees.

The following lenders currently provide shared ownership mortgages - not all do as some lenders deem them high risk.

Brittania and Ecology building societies - only if purchase a 50% stake.
Nationwide - 25% deposit
Kent Reliance Building Society - 25% deposit
Abbey - 10% deposit - but £2,500 fees !!!
Halifax = 10% deposit
Leeds BS - 10% deposit
Ipswich BS - 10% deposit - will not lend on flats over 5 storeys!!!

Check with a local builng society may also be an option.

As for a high street bank - forget it !!.

minimike2

Are Halifax and Abbey not high street banks?

Woolwich also lend on these. They are a high street bank...

koexelek

Cambridge Building Society are also good in this area, but they only lend in East Anglia

robin_banks

Sorry Mike my point was the likes of NatWest, Lloyds, HSBC will NOT lend.

Since Woolwich were taken over by Barclays they do not lend. They do offer mortgages on a different scheme.