Shared Ownership Mortgages - Advice needed!

Maxine_W

Hi There

Can anyone offer advice on brokers who can assist with shared ownership mortgages? Also could anyone let me know any information on their experiences with this type of mortgage? I'm interested in getting this type of mortgage but I'm not completely clear on how much deposit I would need? I'm interested in getting a 25% or 50% share of a £210,000 property. Would I need a deposit based on the full cost of the property or based on the percentage I would like to borrow from the lender? Are these types of mortgages easy to obtain? I am a single person.

Any advice welcome!

Thanks

MW

brit1234

Check the other shared equity posts, there are loads. Personally I would stay clear after what I have seen my friends go through. They are a vey bad idea, better off saving a deposit and watching the coming price falls.

dpac123

Lenders like Nationwide and Halifax may be able to help you. Depending on what kind of shared equity scheme you are looking at, they would usually take the shared equity as the deposit (although I think Nationwide may require 5% of the deposit from your own funds and would take the shared equity as the rest of the deposit). The rest of the money would be lent as per a normal mortgage, where your credit score, income, etc. are assessed. So as a very rough guide, a loan of £150k may be achievable if your income is in the £35k - £40k region.

zzzLazyDaisy

Abbey also does shared ownership mortgages.

But the organisation who you are buying from on a shared ownership basis should be able to put you in touch with a mortgage broker who will have contacts with lenders willing to lend on this type of purchase.

howey78

Hi, We bought our house last year through this shared ownership scheme. I must say I am so glad that we did, we chose our own house on the open market. Our house cost nearly £170k and are paying less in mortgage etc than we were when we were renting. We have just over a 50% share and can decorate it the way we want to, with the added peace of mind that we won't have to move out if the landlord decides to sell etc. It's brilliant. It might not be for everybody but those of us that cant afford to buy outright with a mortgage, this scheme is ideal. The organisation (Themesvalley) gave us a list of appropriate mortgage advisers. The whole prosses went quite smoothly although one stage did take quite a few weeks, just under 2 months intotal. We didn't need any deposit. This is my experience of these type of schemes hope this helps.
Howey78