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part buy part rent mortgage??

rich12ace
rich12ace Posts: 3 Newbie
edited 26 February 2011 at 11:43AM in Mortgages & endowments
hi all i am buying a part buy part rent flat and i have a normal mortgage from the abby bank which is great i have now got a copy of the mortgage offer which is fine:T but my solicitors is now saying it needs to change into a "part buy part rent mortgage offer" is this right and what is this?

Comments

  • pinkarsenalprincess
    pinkarsenalprincess Posts: 327 Forumite
    We had a mortgage offer from Abbey on our part buy part rent with a 10% deposit. As soon as they realised we were a new build part buy part rent the mortgage changed and we needed 25% deposit.
    Overdrafts transferred to MBNA £953.40/£4279.80 Car insurance (on CC) £461.98/£751.98 :mad: Bank of mum and dad £1500/£5000
    Total debt repaid £2915.38/£10,031.78 (29%):T Owed [STRIKE]£10,031.78[/STRIKE][STRIKE] £7400[/STRIKE] £7116.40 Pay off as much as you can in 2011 challenge £1127.60/£4000
  • poppy10_2
    poppy10_2 Posts: 6,597 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    You are buying a shared ownership property, and therefore are restricted to lenders who offer mortgages specifically for this type of purchase. These mortgages tend to come with higher deposit requirements and higher interest rates, to reflect the increase risk of lending on these overprice shared ownership scams.
    poppy10
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