mortgage advisor question. help please :)

mrsgreenwood_2

sorry if some of these have already been asked but im wondering if anyone cold help me?

we live in a housing assosiation property, and they have just phoned me to see if we would be interested in shared ownership of our home as we dont have the right to buy/aquire.

im not sure if this is something new as we looked into shared ownership a couple of years ago and was told it is only on new builds which we dont want as they seem to have tiny gardens.

anyway, he said he would send someone out to value to house and that we would need to see a mortgage advisor.

this is where im clueless. i know there is a sticky on here about mortgage brokers (if thats the same thing?) but theres so many pages and it all seems quite confusing.

do they still offer free morgage advice? where/who would be the best place to go/see? i know some estate agents have their own. im in cambridgeshire near newmarket if anyone knows of anyone.

thanks in advance for any help you can give me

kingstreet

There is an old process called "DIYSO" which basically allowed you to find a property, then purchase it under a DIY shared ownership plan. It is possible, especially if your HA is offering it.

You'll usually have to meet the HA's criteria on income, affordability, credit worthiness and funds to cover fees and you'll need to be eligible for a mortgage and have a deposit.

There may be fee-free broker options, but these will tend to be phone/net based. Face-to-face in your home may result in a fee payment to bring the income from the case up to a level the broker can accept.

For example, here in Stafford, my average case size is under £100k which earns less than £300 in commission. I charge £249 to make the whole of market, face-to-face advice and arrangement service I offer cost-effective.

Ask friends and relatives for a recommendation and avoid national estate agency advisers, as they often have only a limited panel of lenders and charge you a fee on top.

mrsgreenwood_2

thanks for your advice!

my MIL said she went to barclays. not sure if going to the bank would be any good??

found some fee-free brokers online, but how many can i use. should i speak to more than one?

thanks