credit score and mortgage..?

FLUFFINGTON_2

myself and my husband want to buy a shred ownership home.
This will be our first mortgage so when we apply we want to get it right.
Our credit scores are 815 and 810 which apperntly is considered fair
we have no negetive things on each of our credit reports.
Are our credit scores good enough to get a mortgage?

homer_j_3

With Shared ownership mortgages, you will be restricted by the number of lenders that will lend. Do you have a deposit because this can have a bearing on the interest rate too and number of lenders prepared to lend.

If you have no arrears, defaults, ccjs or bankruptcies on your credit history - it should just be just your income that determines the ability to borrow what you need.

FLUFFINGTON_2

thank you for responding. i can not imagine there to be any answer untill we apply .we are going to consult a financial advisor who specialising in part buy part rent.
A friend of ours said there is no point doing that because 1. ifa charge a lot and only the co copertive bank and abbey national do shared ownership.
again im a bit confused i would of thought seeing a ifa was the best way to go?

Lipstick_2

See a whole of market mortgage broker.

There a many lenders that offer shared ownership mortgages.

Lipstick

homer_j_3

never go to a specialist in "shared ownership" because they are using that phrase to try and give the impression that normal brokers won't or can't do them.

There are at least 12 lenders that I can think of off the top of my head.

pireland

I have a shared ownership property with my husband. We are lucky to own 80%. When we initally bought the house we sought the advice of an independent financial advisor, and paid a whacking fee for the pleasure! At the time there were very few lenders, in fact the main lender was Abbey.

I do believe there are now more lenders for shared ownership and Nationwide are one of the them, plus Alliance & Leicester. Our fixed rate ends with Abbey in November and we are hoping to move our mortgage to another lender.

One point of advice though, last year we tried to increase our mortgage with Abbey so that we could make improvements to the property. We went through the whole lending procedure, signed the forms and was promised the money would be in a our account within one week. This didnt happen in the end as unfortunately Abbey do not allow its customers to increase their mortgage when you are shared ownership. They misinformed us until it was too late. They will however allow you to increase your mortgage if you wish to staircase, which is when you buy a further percentage in your property i.e. if you purchase a 40% share but want to increase it to 60% after so many months.

I'm not sure if this policy is the same with other lenders but I do think it is something you need to be aware of.

Good luck!

FLUFFINGTON_2

i really thank you all for your advice homer_j a friend of ours also said the exact same thing about a sepcialist inpendant financial advisor ..dont it.

we have found a place and housing association actaully pays for thier appointed financial advisor to help.So we will be seeing them but also investigating ourselves.
after reading a lot on the subject it seems you have to realise that an ifa often get a nice cut if they reccomended a certain mortage or bank ...so it can often be as much use as visiting just one bank!
I would like to keep you all posted.