Remortgaging on a shared equitity scheme

jane13

Hi all,

I bought my property in November 2007 (not the best time I know) and my fixed rate deal is nearing an end now so I am looking at what is around for options in regards to remortgaging and whether it is worth it. However I bought on a builders scheme where they own 255 of the property and my mortgage was based on 75% of the property minus my modest deposit. I am finding it hard to find out which mortgage providers will accept someone like myself for a possible remortgage. Assuming I am right in thinking the builders 25% does not affect my LTV I have approx 73% mortgage requirement due to the current climate. The builder does not claim their 25% share back until I sell the propery or in 2017 whichever is first. There is no rent associated with the builders share either.

Has anybody been in a similar position or know where I can get this information please. I wish to get the best deal so I can pay off more or save to buy out the 25% stake that is owned by the builders so by fixing now this may be more possible.

I look forward to hearing your experiences and advice

Thank you

Conrad

The big high st lenders will consider this - Nationwide, Halifax.

You need to check your valuation with 3 local agents, as that is a potential problem.

jane13

Thanks Conrad I've been looking at that and also the properties in my street that are currently for sale. I am currently with Halifax but their current offer of 4.86% for a 2 year fixed for a fee of £999 is only a percentage lower than I am currently paying considering how the markets was when I bought I am concerned if this is competitive.

Why could valuations be a problem (sorry to be thick I was a first time buyer in 2007 so its all new and confusing to me)

Thanks