Newbuild Homebuy - Mortgages??

olympus593

Hi I don't know if anyone can help but I'm struggling to find which mortgage providers accept Newbuild Homebuy applications. I'm trying to get an idea of rates, LTV, fees etc.

Having read various posts on MSE I realise there are a lot of people who are against SO/SE schemes and I have read their comments with interest.

However we currently live in relatively cheap rented accomodation that is damp and consequently expensive to heat/maintain - additionally we have no security of tenure.

My partner was in tears when we returned from a recent short break (due to the state of the house) and I suggested we spend the £100 or so per month extra needed to rent somewhere a bit better.

After looking into a local Newbuild Homebuy scheme a modern "dry" home that we would partially own would only cost £80 over what we are currently paying in rent. This is based on the rent + mortgage assuming a 6.5% rate.

If we are buying a 40% share I am unconcerned with negative equity as we are looking for somewhere to live at a reasonable cost for the medium term - this is not just an investment for us.

I do however like the idea of having the option to staircase, and if the above costing is accurate we will be able to save for a deposit on something else should our circumstances change.

Any info would be gratefully received.

PS Seasons Greetings to Everyone

devon_guy

It's not homebuy mortgages you need to worry about it's the fact you want a mortgage on a shared ownership property. Sadly you have very little choice for mortgage companies. The main ones are Nationwide, Halifax and the Leeds. If you want any advice on S/O please PM as I'm going through the process at the moment!