mortgage for shared ownership

roachy83

hi
i don't know if anyone can help me. i am a first time buyer and looking to buy a shared ownership property. not all mortgage lenders provide these types of mortgages and i was wondering if anyone knew who did. i have a fairly good credit rating but have been turned down by nationwide, a lender that offers this type of mortgage.

opinions4u

I think your best route is to go to a mortgage broker who will know the market for this sort of specialist lending.

Before you do, consider the following:

- you usually have to pay rent on the bit you don't own, and this goes up annually
- shared ownership properties are more difficult to sell. In a tough housing market you could be stuck with it
- property is forecast to fall by a further 10%-15% this year. Is now the right time to buy?
- if you want to buy the other share, you have to find legal fees and valuation fees for each bit you buy.

It may be better to save up more deposit, wait a few months and see if you can afford 100% ownership of a property.

Do more research before you commit to buying. And if you do decide to go ahead, see a broker rather than going direct to multiple lenders who each mark your credit file.

roachy83

thanks for your advice. i have been using a mortgage broker but to be honest...he's crap. shared ownership is the only way i'll be able to afford to buy anywhere on my own. i've looked into the other possiblities.

Cloister

Are you a keyworker or first time buyer? have you looked at the government scheme to help people into the housing market?

There are a few this is a link for the ones in my area, just do a google search to find the ones in your area.

http://www.ciao.co.uk/ext_ref_call.php/ReferenceId/5156510/iProdId/6305040

devon_guy

The three main ones that I'm aware of are Halifax, Nationwide and Leeds Building Society. I think Abbey might do SO mortgages but want a huge deposit. The others want 15% deposit except Leeds which is 10%

nalin

Suugest you check out the following website -

http://www.godirect.co.uk/mortgages/shared-ownership-mortgage.php

which gives links to a selection of lenders who offer shared ownership mortgages:
<UL>Abbey Shared Ownership Mortgages
Alliance & Leicester Shared Ownership Mortgages
Britannia Shared Ownership Mortgages
Cambridge Building Society Shared Ownership Mortgages
Darlington Building Society Shared Ownership Mortgages
Ecology Building Society Shared Ownership Mortgages
Halifax Shared Ownership Mortgages
Ipswich Building Society Shared Ownership Mortgages
Kent Reliance Shared Ownership Mortgages

triangle149

I am looking for shared ownership mortgage, I am with abbey on their s.v.r of 4.1 % but looking for good fixed rate, any ideas ?

devon_guy

I think you'll find Britannia don't actually do mortgages for shared ownership anymore. The cheapest is Halifax and Nationwide.

_Andy_

triangle149 wrote: »

I am looking for shared ownership mortgage, I am with abbey on their s.v.r of 4.1 % but looking for good fixed rate, any ideas ?

Have you asked Abbey what they can offer you?