FTB Shared Ownership Mortgage help please!

Rookie22

Hi Everyone! :hello:

I'm hoping someone could share some advice on the best approach for my dilemma:

I'm a first-time buyer trying to purchase a 25% share of a Flat in London.

My application to the Housing Association was approved 2 weeks and they provided a list of solicitors to choose and recommended I use the IFA who also carried out their affordability checks.

I have now instructed the solicitors and they are proceeding with the paperwork but in the meantime, I still have not been approved for a mortgage!:eek:

I'm looking to borrow circa £60K and have a 10% deposit.

So far, the recommended IFA has approached:

1. Nationwide. Result: Declined (last week)
2. Leeds Building Society. Result: Approved (today), but nowhere near the £60K needed

The IFA has now suggested we approach Nationwide...

I'm conscious that every time we approach a new lender, the footprint affects my credit report/score (its currently considered to be "fair" so I don't have a lot of wriggle room in that department).

Should I go ahead and tell the IFA to submit an application to Nationwide and hope for the best?

Should I switch and speak to a "specialist" broker for people with low credit scores?

Should I just call it quits and walk away?

My apologies for all the questions but I'm quite anxious.

If anyone could can share their experiences/ pearls of wisdom I'd be so grateful!!:kisses:

kingstreet

I thought you'd been declined by Nationwide?

There are very few lenders who do shared ownership business and they thin out once again when it's newbuild and a high loan to value.

If you've got a DIP from Leeds but not for enough, why couldn't your broker see this on the Leeds affordability calculator. You should only be spending credit searches when it fits affordability first!

We can't really tell you what to do as you've said nothing about your income and outgoings, but you might like to try this yourself;-

https://online.leedsbuildingsociety.co.uk/public/mortgages/quick_enquiry.do

Make sure you enter the shared ownership rent and service charges, any childcare or travel costs; student loan payments, basically anything you pay out for outside "normal" living costs in the "Personal Monthly Outgoings & Commitments" box.

Rookie22

Apologies:

IFA is now proposing to apply to Halifax

Some info about me:

Gross annual Income: £33K (approx: £1900 per month)
Outgoings: approx: £400 per month
Outstanding debt: £8k loan


The property is a resale property (built approx 5 years ago)

thank you for the Leeds Building Society link. Their calculator suggests they would be able to lend up to £112k approx.

I'm wondering whether I should attempt to approach some lenders directly...??