which mortgage companies offer for shared equity?

f1slikki

Hi there guys I have recently seen a fantastic new build flat where the builders are offering 70/30 shared equity (no rent payable) and I am really interested.
I know alot of people have said to stay clear of these deals & new builds but it really suits my needs also the price of the flat is £20k less than the average new build flats in my area therefore it is a good deal hiwever I am unsure who does mortgages for this type of circumstance.

Myself & OH have been looking into mortgages over the past year but due to the credit crunch we have struggled and with this our credit scores have decreased to the fair category hence this also needs to be taken into account.

any help would be much appreciated.
many thanks

luckyfool

Are you renting just now? If you have struggled recently with your credit and/or rent, then is buying a house and taking out the huge financial commitment that is a mortgage the best move for you just now?

There are a number of lenders that offer shared equity, many have started insisting that you have some "skin in the game" though, and that you are putting down at least 5% of your own money as well.

f1slikki

thanks for the reply, I am currently renting however I have not gotany issues with paying or affording this.
the reasons previous mortgage applications have failed was because I was looking at properties over my budget and not having enough deposit.
I was also looking at a new build flat whereby I was looking at 80/20 shared equity but I needed a further 5% to meet the LTV criteria for new build flat with Abbey I had a loan arranged through my mortgage broker to make up the deposit which I was advised was checked with Abbey prior to doing this & all was ok however I was then declined the mortgage on the basis of affordability.
I also went for a mortgage whereby I again got the AIP and survey done etc but this time I had choose a lesser valued property but I was not 100% on this property from the beginning & due to which I pulled out.
all this has had the impact on our credit scores but I am looking at repairing this.

does anyone know of companies which offer on this and whether the scoring system is fair.

many thanks

shellnapier

halifax - is who we went with

Conrad

Halifax, abbey, Leeds, Ipswich to name a few.

No one can predict whether or not you will be accepted. S/O lending criteria is very tight and dependant upon a good credit score and affordability.

Hendrix_lennon

I'm thinking about using the new LIFT scheme that's recently been launched.
Think that's along the same lines as this sort of thing.