We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

New build mortgage headache in wales

Options
Goodfellas87
Goodfellas87 Posts: 1 Newbie
in Mortgages & endowments
Hi all! I'm a first time buyer looking to buy a new build in wales. Me and my partner have seen our 'dream' house. It is a shared equity scheme so our mortgage would only be for 70% of the house's value. We have a 10% deposit but HSBC told us yesterday that we would need at least 20%! Can anyone name any mortgage lenders who would give a 90% mortgage. Please not we aren't interested in the help to buy scheme.

Comments

  • skellyness
    skellyness Posts: 47 Forumite
    I have gone for this scheme myself and you don't need a 90% mortgage - you only need to apply for a 70% if you already have 10% but you need the authority to proceed from a help to buy scheme agent first (which confirms they will cover the 20% with the loan) before you can go through the full mortgage application.
  • kingstreet
    kingstreet Posts: 39,256 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Shared equity = Help To Buy Equity Loan.

    HSBC doesn't lend on shared equity.

    Please confirm you are not getting shared equity and shared ownership confused.
    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.
  • shaniannie
    shaniannie Posts: 85 Forumite
    As far as I'm aware, HSBC don't lend on the shared equity scheme.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture