Awaiting shared ownership mortgage

Lou24

Is anyone awaiting a shared ownership mortgage outcome?



Just interested to hear about everyone else's experience

9thofthe12th

Yeah...only just applied, playing the waiting game now.

Elfbert

Sort of - I'm just re-mortgaging to a better rate, I already own (my part) of the place. So waiting to get the final word on the re-mortgage.

Lou24

How you getting on with application

Did u go via broker

kingstreet

This is going to depend on lender.

If we're talking about Leeds BS, as we almost certainly will be if its newbuild and high LTV, they usually sit on a new application for a week before it's even looked at. Brokers normally submit the app and upload all the required documents immediately, so the lender has everything it needs up front.

On our typical case, it takes them a week to look at it, but we still get the offer out within three weeks of app submission.

This is pre-MMR of course. Only time will tell how this compares.

peachespeaches

Elfbert wrote: »

Sort of - I'm just re-mortgaging to a better rate, I already own (my part) of the place. So waiting to get the final word on the re-mortgage.

I am looking to see if I can find a better deal on my mortgage, its just coming up to 5 years, I have a shared ownership and my mortgage is with the Mansfield BS. My bank, Lloyds couldnt do any better than the Mansfield when I had a review a couple of years ago.

I am interested in who does good rates and will lend on shared ownership. Who have you applied with Elfbert?

Elfbert

I used a broker, and they found Nationwide gave the best deal - I actually got the text saying they'd made the formal offer today!

So with Nationwide I can still pay roughly the same each month, but cut my mortgage term down by 3 years, which is great. Plus I'll overpay as much as I can without penalties.

Lou24

Hi
How long did it take to get your mortgage