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Using MSE mortgage calculator for Share to Buy?
chromeman
Posts: 31 Forumite
Hey!
I've recently been accepted on a Share To Buy flat and now want to shop around for mortgages.
Can I use the MSE calculator to do this? If so, how? Getting a bit confused.
Can I just set the borrow amount to 25% (the percentage I am going to have a mortgage on) to then find the best deals?
Thanks for any help, much appreciated!
I've recently been accepted on a Share To Buy flat and now want to shop around for mortgages.
Can I use the MSE calculator to do this? If so, how? Getting a bit confused.
Can I just set the borrow amount to 25% (the percentage I am going to have a mortgage on) to then find the best deals?
Thanks for any help, much appreciated!
0
Comments
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Share To Buy is the name of the mortgage brokers which has the contract for shared ownership in London; so you are looking for shared ownership products.
The lender choice on SO is a bit thin and this is further cut by the property being a newbuild and the size of your deposit.
As there are two calculators which determine affordability - the Government's shared ownership calculator and your chosen lender's affordability calculator it would be sensible to start off with an independent mortgage broker with experience of SO and newbuild if the latter applies.
I don't know what the calculator you mentioned does.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 -
Ah I see! That makes sense now.
The MSE calculator I think is based on mortgages not on SO so I'll get in touch with a broker instead.
Thanks a lot for your help!0
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