Shared Ownership - Mortgage Lenders

Gwyddbwyll

Hello all,

I've found a great place and made an offer I think will be accepted. But I'm now finding that the mortgage lenders that I talked to dont do shared ownership (RBS, One Account etc)

Does anyone know who does do shared ownership! It's frustrating.. and I'm really keen to get this place. I can even afford to buy the whole 100% a few months later which is what the agent said would be the plan. So I'm mainly looking for one with very low arrangement / exit fees. The Co-op Bank and First Direct offer that but I dont know yet if they'll do shared ownership.

Anyone have any knowledge of lenders willing to do this?

Cheers if you can help
Stephen

VIGILANT22

ask a friend/family/colleague to refer you to a whole of market adviser they have used and have been happy with...they will do all the footwork for you...that's their job.....

Gwyddbwyll

I contacted one last week but she never replied to my emails or phone call.

Gwyddbwyll

RBS wont do it.
One Account turned out to be part of RBS.
First Direct wont do it either.
HSBC are First Direct so they probably wont either.

Will try Co-op and the building societies..

Cannon_Fodder

Have you tried asking for an open market price/sale? If you are so close to affording 100%, it might be worth investigating.

The price is usually less. The sale avoids being limited to certain lenders.

VIGILANT22

Gwyddbwyll wrote: »

I contacted one last week but she never replied to my emails or phone call.

That's a shame....maybe gone out of biz!... try another one

Gwyddbwyll

Yes, I'm still waiting for a response on that.

However in my last conversation with the agent, he said that "after 3 months, you may purchase the other 50%".. so it sounded like its part of the conditions, to wait at least 3 months.

brit1234

Buy normal, there are too many restrictive conditions to shared ownership and they are harder to sell

Gwyddbwyll

I plan to buy it outright within 3-6 months and would probably be living there 10+ years so the sell factor shouldnt be an issue. If it's restricted to the point that I cant buy it, then its a no-go .. but I've been explicitly told the scheme is to make it affordable to buy it all and I'd check this with my solicitor before I went ahead.

It's a good little garden flat with parking space in the right location. I was hoping others had experience of what lenders are available for this market.

SpiderWestCider

Try The Halifax, they have agreed to lend to us for a shared equity property, although you will need a 5% deposit.

DesertFlyer

SpiderWestCider wrote: »

Try The Halifax, they have agreed to lend to us for a shared equity property, although you will need a 5% deposit.

5%? Is that 5% of the whole property value? or 5% of the value of the stake you intend to purchase?

e.g. on a £200k property, 25% stake do you need £10k deposit and £40k mortgage or £2.5k deposit and £47.5k

What rates are they offering on that?