Shared equity Mortgage lenders

Roberto1010

I have just been informed by my mortgage advisor that there are only 3 lenders for shared equity. Is this correct?

If there are more lenders would people recommend going to a mortgage broker instead for a independent advisor?

Thanks for your help :beer:

Senior_Paper_Monitor

No - their are 3 major lenders and a handful of smaller/local ones.

I can't understand the second question !!

Roberto1010

Well if he is saying he only knows of 3 lenders, why is he not telling me about the other small lenders? Would a broker be able to find me all lenders available to me?

Senior_Paper_Monitor

Broker & advisor are same thing (except for bank advisors who really aren't).

What matters is 'whole of market' - usually means all commission paying lenders / 'independent' - may offer a fee only including non commission paying lenders and rebate the commission / 'tied' - access only to limited panel of lenders.

.... and most important - experience and do you fell happy with them - my guess is you'd probably be best off with a small local broker who you feel good rapport with rather than a big office/chain type operation

Senior_Paper_Monitor

.... also check whether you mean 'shared equity' or 'shared ownership' !!

Conrad

This 'whole of market' label some brokers use, is a nonsense in terms of who the broker actualy uses day to day. A good broker will have set up accounts with even the smallest of Building Societies and really will use them all.

All too often what happens in reality is the broker will be part of something called a compliance network such as Sesame or Personal Touch, and certain lenders are favoured and 'on thier panel'.
Even if the broker is not part of a network, most will still not have gotten around to setting up a working introducers account with them all.

Your current broker only citing 3 lenders is very typical of this industry - I'm always hearing such tales. Go to a long established small independant proper broker.

OP > If your case is straightforward, then go to lenders direct. Leeds are a smaller lender doing this. Also try your very local regional Building Society.

Roberto1010

Yes it is shared equity. The deal is with a local builder in my town. 15% shared equity and 5% deposit.

Could you advise on any brokers who would be best suited for the shared equity scheme?

Your help is much appriciated.

Senior_Paper_Monitor

My town ??

Roberto1010

Yes town, I stay in a town in scotland. It is a shared equity scheme, not shared ownership.

Can you advise any brokers??