10 year fixed rate on a Shared Ownership Property?

miaow_star

Good morning,

This is my first time posting, so please be gentle!

We're living in a shared ownership house that we own a 60% share in. We've been living here since 2005, and our current fixed rate with Halifax ends 30th September this year. Currently we're on a 6.6% rate. We owe approx 73k, and when I rang up the other day the lady at the Halifax said they'd work on the basis that the property was worth 198K (I assume this is 100% of the property). My husband earns 28K, and I earn 6K from two jobs, plus roughly another 6K, but that's from piecework and not guaranteed. We've got 2 kids and I get £2100 per in in tax credits/child benefit, which I save for them. The rent on the other 40% is £225 currently. DH has a loan, and pays £250 per month for that.

I can't speak to the Halifax yet about what they could offer us, but have got an appointment booked for 2nd July for a mortgage review. When we renewed last time I thought we wouldn't be able to go anywhere else as my income had dropped after having had my son. However, my husband has had a pay increase since, so I wonder whether remortgaging would be a better option? We've not got any adverse credit history, and have paid our mortgage without any problems for 4.5 years

What we would really like is to be able to set a fixed rate for 10 years+. Are there any lenders that would do this for a SO property? Or are we better off staying at the Halifax, paying another £999 product arrangement fee (or whatever they call it) and just fix for 5 years, assuming they allow that.

I suspect the answer is that I need to contact a mortgage broker- if this is the case, do they deal with SO properties, and what would be the earliest I could contact them? I see on the L&C site that they say 'less than 4 months', but I wasn't sure whether that meant '3 months' or whether 3 months and 30 days would be okay!

TIA.