Chances of getting a shared ownership mortgage?

laurieballard

Hello

I have an income of £21355 basic and would like to purchase 30% of a 150k new build. meaning a 45k mortgage. Basically i need to know if there are any companies still doing 100% mortgages?

a 5% deposit would be £2250 which i could get hold of if need be but would prefer to get 100%

Thanks

Laurie

nadine85

Hi Laurie,

I am in the process of arranging a shared ownership mortgage. I have sent all my documents to Thames Valley and now awaiting for an offer and then I will contact JDC with regards to a mortgage. JDC advised me that I would need a 10% deposit as no one is doing 100% or 95% mortgages.
Are you using a Broker for your mortgage or are you contacting the banks yourself?
Also have you been made an offer yet?

Nadine

laurieballard

Hi Naidine

Thanks for the prompt response. I am in the very early stages of this so have only just found the property. I am thinking of going to a broker but am not sure if i can raise £4500 for a deposit.

Would you mind telling me how much your solicitor fees and other costs are averaging out at?

Thanks

nadine85

We found our property 2 weeks ago and contacted Thames Valley straight away and they gave us a contact at JDC to get an agreement in principle before we could fully apply for the flat. I spoke with a lady and told her our position and she said that we were able to borrow the money for the 30% of the property; she said we could in fact borrow more because of our joint income off 55k but our deposit is letting us down.
As our savings just covers our deposit we contacted Thames Valley again and asked them to outline what our actual costs will be. An advisor said that our cost is actually a staggered cost so we won’t actually pay anything upfront. He also gave us a contact for a solicitor and he quoted us £785.75.
So we intend to use our monthly salaries to pay our costs.
If you don’t mind me asking, what is your current position? Do you have any savings or will you try and save before hand? Or use your monthly salaries?
Also have you contacted homebuy regarding the property?

alan_blue

if you are mortgaging for 45k why do you need a 100% mortgage? surely its a 30%?

herbiesjp

I believe you can still find 95% Shared Ownership mortgages - getting fewer though