Shared Ownership Mortgages

emmadragon

Hi,

Does anyone have any experiance with these? I have seen a lovely place come onto the market at a 50:50 shared ownership but when I spoke to an online broker about applying for a mortgage they said the best rate they could get for me was 12.5% even though I have a 15% deposit. I have an exisitng mortgage and the new mortgage will be half the amount of my current mortgage! My credit rating is not excellent but its also not that bad! Can anyone recommend any mortgage companies specialising in these?

Thanks in advance

VIGILANT22

speak to a whole of market adviser...ask a friend/family/colleague to refer you to one they have used and been happy with.....

peachespeaches

emmadragon wrote: »

Hi,

Does anyone have any experiance with these? I have seen a lovely place come onto the market at a 50:50 shared ownership but when I spoke to an online broker about applying for a mortgage they said the best rate they could get for me was 12.5% even though I have a 15% deposit. I have an exisitng mortgage and the new mortgage will be half the amount of my current mortgage! My credit rating is not excellent but its also not that bad! Can anyone recommend any mortgage companies specialising in these?

Thanks in advance

MANSFIELD BUILDING SOCIETY via MB simply mortgages. Ours is shared ownership and I think our rate is 5 point something. If there is something on your credit rating, fess up to it, but supply documents to say why youre on top of it or OK and it will go through.

emmadragon

peachespeaches wrote: »

MANSFIELD BUILDING SOCIETY via MB simply mortgages. Ours is shared ownership and I think our rate is 5 point something. If there is something on your credit rating, fess up to it, but supply documents to say why youre on top of it or OK and it will go through.

Thanks for the advice, I did give the broker a copy of my credit report but its certianly not that bad and is proven to be improving monthly. Shall see what MB say.

VIGILANT22 - yet again another pointless post!

Leon_W

As vigilant says, speak to a broker first who will be able to tell you whether the credit issues are a problem. No point going round getting loads of credit searches for repeated declines. Not a huge choice of lenders are in this market but Nationwide, Abbey, Leeds, Woolwich and Halifax are the main protagonists.

regards

VIGILANT22

[QUOTE=emmadragon

VIGILANT22 - yet again another pointless post![/QUOTE]

Isn't it odd..the majority of people who are rude and abusive on here are all the ones who want to go against lender and insurers rules...

This one for example tried to say it was not the business of a mortgage company whether you informed them of you having a lodger etc..and ultimately didn't like my answer......

Every picture tells a story......
Do you own a pitbull?

emmadragon

It appears you can no longer have an opinion on the MSE forum

Wutang_2

emmadragon wrote: »

VIGILANT22 - yet again another pointless post!

What are you on about?? Ask for advice - get good advice - return with an insult.

whats the problem 'dragon'?