Re-Mortgage

hacksawcats

Hi Everyone, looking for a bit of re-mortgage advise:
Details are as follows:

Lender: Leeds
Rate: 4.99% fixed
Oustanding Balance: £52,254
Term 8 years, 7 months
Property Value 130k - 140k
End date of mortgage:01/12/10
Please post if any other details are required

This is a shared ownership mortgage and I have a 50% stake in the property with a view to purchasing a further stake in the future.
I have a fairly secure job and I would class my credit rating as good to very good.
I have read the MSE re-mortgage guide and I am looking for a fixed rate mortgage but not sure who to go with and for how long. Any advice/pointers would be gratefully appreciated.

hacksawcats

Hi could any one please responsd tyo ealier post? or am I doing something wrong?

opinions4u

Shared ownership will scare off a few lenders, so I'd suggest you see a broker first.

When you say the property value is £130k, does that mean your half is worth £65k? If so you're looking at an 80% LTV. Some lenders might not be prepared to go above 75%.

hacksawcats

Hi Thanks for the response, yes it does mean my halve is 65K, so you think a broker is the way forward? Why are lenders worried about shared ownership? thanks

opinions4u

hacksawcats wrote: »

Hi Thanks for the response, yes it does mean my halve is 65K, so you think a broker is the way forward? Why are lenders worried about shared ownership? thanks

Statstically, a lender is more likely to lose money lending on a shared ownership property than on a conventional mortgage.