Shared Ownership Mortgages

vschap

Hi

There is a Shared Ownership house that I have applied for and am researching the mortgages available for these. The property I am looking at is a new build and I want to buy 75% share - with 60% coming from mortgage, and 15% would be my deposit.

Now, with a 60% LTV, is it ok to expect that I can get a reasonably good deal, such as the one w/ Woolwich with a fixed 3.39% initially? Or is it that the lenders have totally different products (& high interest rates) for Shared ownership mortgages?

(And btw, I know shared ownership can be problematic. But I have a plan of buying back the rest 25% in the next 18 months or so.)

Thx in advance for your help!

poppy10_2

It would be classed as an 80% LTV, not 60%

j1mgg

You will be restricted with the lenders that you can go for and also wont be offered the best rates that you see being offered for this value.

Henry_P_Chester

vschap wrote: »

But I have a plan of buying back the rest 25% in the next 18 months or so.


Thx in advance for your help!

Are you sure the housing company will allow this? When you buy are shared ownership property you are completley at their mercy.