Mortgage Information for Shared Ownership Properties

lauraaurora

This isn't a thread for the rights and wrongs of Shared Ownership, just information for those who already own an SO property.

After being on a five year fixed rate with the Leeds Building Society, we have been looking at re-mortgaging with another, cheaper, lender. Two IFAs didn't bother coming back to me after our initial appointments, so I have had to do all of the research myself. After getting more and more frustrated with the very limited range of lenders who will do Shared Ownership mortgages, and very angry at the high APRs of those who do, my advice is...

:jThe Nationwide don't do a 'special (inflated) rate' for Shared Ownership, but they do allow those who own an SO property to go onto their normal rates. Which has been an absolute godsend for us :j

Words of warning;

You can't apply over the telephone or online, you have to go into a branch

We did have quite a few niggling problems with getting this mortgage, but it was worth the hassle for the cheaper rate

We did have to pay about £250 in various extra charges because we were Shared Ownership, but again, it was worth it for the rate


So, if anyone is looking to get an SO mortgage, I hope this helps

powerwin

Thanks for sharing.

Rgds