Shared Equity Mortgage

candchagg

Can anyone help. I have placed a deposit on a Persimmons New Build through there 80/20 Shared Equity Scheme. They referred me to their Mortgage Advisor who obtained a Mortgage for me for £98250 through the Halifax (who I bank with). My problem is that my solicitor is now saying that the mortgage is not suitable as Halifax are saying that No interest should be paid on the Shared Equity Loan (that the builder provides) after the first 5 years where the loan is interest free. My solicitor has informed me that there is a 3% interest charge on the shared Equity Loan after the % years has elapsed. I cant understand why a Broker who I was referred to by Persimmons would recommend a mortgage that was not suitable to purchase the property. Any advice would be greatly appreciated.

Sepa74

Hi there, it sounds like you're in quite an unusual situation. I think most of us on here have a much more straightforward scenario than yours, so not sure if any one will be able to help.

There may be a specialist mortgage board where there are people discussing mortgages who can help, and the other thing is to contact a different mortgage broker who can work with your solicitor to ensure you get an appropriate mortgage.

Sorry I can't be of any concrete help!