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Shared Ownership max staircase 80% Lenders?
mytravelrep06
Posts: 24 Forumite
Hi All
We have seen a 3 bedroom house on Shared Ownership with Staffordshire Riral Homes but have been informed that the max we could stair case to would be 80% as they would always want to keep 20%.
I understand that because we wouldnt be able to staircase to 100% there are only a few lenders as it is also a new build.
I cant find any lenders from using Google and was wondering if any mortgage advisors out there would be able to point me in the right direction?
Thanks for your help
Richard
We have seen a 3 bedroom house on Shared Ownership with Staffordshire Riral Homes but have been informed that the max we could stair case to would be 80% as they would always want to keep 20%.
I understand that because we wouldnt be able to staircase to 100% there are only a few lenders as it is also a new build.
I cant find any lenders from using Google and was wondering if any mortgage advisors out there would be able to point me in the right direction?
Thanks for your help
Richard
0
Comments
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I take it there's a S106 agreement?
What share are you purchasing and what percentage deposit do you have?
For example, purchasing 50% share and have 10% deposit.
If its Stafford & Rural, does the property have a ST postcode?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Hello Kingstreet..
Im not sure about the S106 Agreement but understand by speaking to them on the phone today that we could never buy 100% and only 80% as stafford & Rural would want to keep the 20%.
The house is valued at £165,000 and We are looking to purchase a 25% share and have around £5,000 saved as a deposit which amounts to just over 10% of our share which is £41,250.
The property does have a ST Postcode and is ST20
Thank You
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So you're looking for about 88%.
If you can't staircase upto 100% it's a S106 agreement to ensure the property remains in local ownership the HA can control.
Have you spoken to any of the independent mortgage brokers on the Orbit panel?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »So you're looking for about 88%.
If you can't staircase upto 100% it's a S106 agreement to ensure the property remains in local ownership the HA can control.
Have you spoken to any of the independent mortgage brokers on the Orbit panel?
No, Not Yet - We do have an orbit reference number. is that what you recommend?0 -
Once you've been approved by Orbit, the HA will expect you to speak to one of the Orbit panel brokers as one of them will have to do the SO calculator and send a copy to the HA as evidence of affordability.
I have a sneaking suspicion they are supposed to do it themselves, but somehow it seems to be passed on to the broker for some reason.
Broker list for West Mids;-
http://orbithelptobuy.co.uk/mediaFiles/downloads/66762288/IFAs%20covering%20the%20West%20Midlands.pdfI am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thanks KingStreet - have a good weekend0
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