Shared Equity Mortgages

StanVanDamn

Hi everyone,

Can someone point me to a website online with a list of shared equity mortgages?

I am currently ending contract with one at the moment and want to see if there is any better remortgage deals available online

I search on google but cant seem to find deals for shared equity

Thanks

kingstreet

You need to establish you can get a deed of postponement for the second charge before you worry about finding a lender. If you can't, no-one will do it.

StanVanDamn

Could explain what this means Kingstreet?

Sorry if thats a dull question I dont understand what you mean by deed of postponement?

kingstreet

Ok. You have a property. On it are secured a first charge mortgage and a second charge loan.

On the day your mortgage is repaid, your second charge is promoted to a first charge, unless the second charge holder agrees to keep it as a second charge by providing you with a deed of postponement.

As a new mortgage lender is only going to accept a first charge, that deed of postponement is the difference between being able to remortgage, or not.

The only time the deed of postponement isn't required is if you repay the second charge while remortgaging.

What are the numbers?

Property value? First charge to be repaid £? Second charge £?