Shared Ownership Mortgages

onlysimon

Hi All,

My fixed term mortgage has recently ended and I'm looking into changing providers for a better fixed term deal (eventually) but I'm not sure on the LTV that is always quoted... I currently have a mortgage on 30% (70K) on the property but what LTV should I be looking at? (the property is valued at around 245K)?

Can anyone help explain this to me?

blueberrypie

If you owe 30% of the value of your property, then you are looking for a mortgage of 30% LTV.

The value is whatever the lender decides it's worth, and people often find it's less than they expected, but at 30% LTV, that's not likely to be a problem for you (when it's higher, a lower valuation can push people into a higher LTV bracket with the result that some deals aren't available to them).

Edit: This reply was written before I noticed the title of the thread. As others have pointed out, shared ownership works differently and you will need to find a lender who deals specifically with shared ownership.

lindsaygalaxy

i don't think it works like that wish shared ownership mortgages, as you need one specifically for shared ownership. You will still be looking at 100% of the amount you own.

denial2010

lindsaygalaxy wrote: »

i don't think it works like that wish shared ownership mortgages, as you need one specifically for shared ownership. You will still be looking at 100% of the amount you own.

It's a shame you want to fix. I'm with Stafford Railway Building Society and they are brilliant! Only thing is they don't have a fixed product. It's all variable (currently at 3.49%). Dare I say it... Stafford Railway are a HONEST (don't like to use the word) Bank. No silly charges just a simple mortgage!