Shared Ownership Mortgages

Catie-Metro

Shared Ownership:
Halifax
Leeds Building Society
Nationwide
Woolwich
Santander

(There are other lenders, such as Newbury Building Society but these have geographical restrictions)

Shared Equity:
Halifax
Leeds Building Society
Woolwich
Nationwide
Principality Building Society (only for Shared Equity schemes in Wales though)

All lenders have different deposit requirements depending, more specifically with Shared Ownership upon the age of the property that you're purchasing. Always check with the lender.

charleyroo

saverbuyer wrote: »

Who was the HA and what was the name of the scheme? That is a fantastic deal. There is really no upside for the HA. They give you 40k and potentially will never see any return whilst you live in that house. Could be for 70 years. This is the only time I have ever heard of anything like this.

Hello, sorry just seen this.

It is Fairlake H.A. in Gwent. I believe the open market scheme closed last financial year. Also, forgot to take out my deposit, it was nearer £35,000 that they lent me!

cattysmum

My son is in the process of trying to sell his "shared ownership" home and he must give first refusal to the rental owners (chevin) for them buying back, they want 150 just to do a survey valuation. I have told my son also to get his own valuation done. It is a minefield if you want to sell. Reason Son is selling is he and his partner have split up, partner wont pay anything even though her name is also on the mortgage and rental agreement. In dispute at the moment and an absolute minefield.

opinions4u

charleyroo wrote: »

Natwest do them as well, those 3 are the only ones who have ever done them.

I assume you made that up, as it's a load of tosh.

maria_my

Hi everyone,

It is a shared ownership, I would buy 50% of the property and pay rent on the remaining 50% which £140/month....
What are the disadvantages of SO that you are talking about... I haven't gone into the details of it yet, but it would be useful to know what to look out for and questions to ask.... I know that it is freehold which I believe is rare fo SO....

poppy10_2

maria_my wrote: »

What are the disadvantages of SO that you are talking about...

Make yourself a cup of tea and have a read through this thread:

Shared ownership is a scam

charleyroo

opinions4u wrote: »

I assume you made that up, as it's a load of tosh.

apologies. correction; they are the only three i was ever made aware of.

maria_my

Thanks for the link poppy, I've read through the first few pages n it seems to be a matter of personal opinion to me, bit like marmite... but I have spoken to family who have had or currently have SO houses and they said they were ideal for them... I will keep getting plenty of advice and guidance n see where it goes.. thanks though xx

££sc££

maria_my wrote: »

Hi everyone,

It is a shared ownership, I would buy 50% of the property and pay rent on the remaining 50% which £140/month....
What are the disadvantages of SO that you are talking about... I haven't gone into the details of it yet, but it would be useful to know what to look out for and questions to ask.... I know that it is freehold which I believe is rare fo SO....

Are you sure it's freehold? Intrigued as to how this can work on shared ownership where the shared owner owns the freehold?!