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Home Buy (shared ownership) mortgages

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PENNY_LESS_5
PENNY_LESS_5 Posts: 3 Newbie
in Mortgages & endowments
Hi, looking for advice or experiences in relation to Shared ownership mortgages. We have been renting our house and will have the chance to buy a 50% share next year, so will be looking for a mortgage lender. Hoping to have saved a 10% deposit by then. Does anyone have any advice as to which lenders to approach ? or experiences they could share. I am not sure if we shd try to buy a share of the house or continue renting. I am 48 .. OH 54.....we will be looking at a 60k mortgage, which hopefully will be paid in time to enjoy some retirement ! :)

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  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    Save your money and enjoy your retirement with the cash you've saved. What would the mortgage payments be? How long is the mortgage for? When are you retiring? How much is the rent? The service charges?
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • Mrs_Arcanum
    Mrs_Arcanum Posts: 23,976 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Kent Reliance used to do them for our shared Owners so they have experience.
    Truth always poses doubts & questions. Only lies are 100% believable, because they don't need to justify reality. - Carlos Ruiz Zafon, The Labyrinth of the Spirits
  • catieeb06
    catieeb06 Posts: 576 Forumite
    Leeds Building Society or Santander if it's a Shared Ownership house with a 10% deposit. Leeds Building Society if it's a flat with a 10% deposit.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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