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shared ownership mortgages

picklepuppy1982
picklepuppy1982 Posts: 7 Forumite
in Mortgages & endowments
Hi,

im new to this site, does anyone know if there is a mortgage company who will give a mortgage to me on a shared ownership property when there is no mortgage protection clause?

I've just been turned down for a mortgage because of this clause and i am devestated.

please help

pickle

Comments

  • Bargain_Rzl
    Bargain_Rzl Posts: 6,254 Forumite
    Do you mean that the lender is stipulating that you need to take out mortgage protection insurance?

    I hope this is not a rude question but WHY don't you want to take it out? What provision have you made for being able to repay the mortgage should you become ill or unemployed?

    For what it's worth, my Shared Ownership mortgage is with Nationwide. I don't remember whether the terms forced me into taking out insurance, as I would have done so anyway. However, the insurance I do have is not through Nationwide.
    :)Operation Get in Shape :)
    MURPHY'S NO MORE PIES CLUB MEMBER #124
  • JoeK_3
    JoeK_3 Posts: 1,374 Forumite
    picklepuppy1982 wrote: »
    Hi,

    im new to this site, does anyone know if there is a mortgage company who will give a mortgage to me on a shared ownership property when there is no mortgage protection clause?

    I've just been turned down for a mortgage because of this clause and i am devestated.

    please help

    pickle
    That just doesn't sound right.

    Who told you that you have been turned down because of a mortgage protection clause?

    There are loads of lenders that will lend on a shared ownership mortgage but I would try and clear up the reason for you being turned down first.

    JoeK
    I am an Independent Financial Adviser.
    Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.
  • picklepuppy1982
    picklepuppy1982 Posts: 7 Forumite
    no its not about insurance, i already know the pros of having mortgage payment protection.

    The mortgage company is called preferred and they have stated that because there is no mortgage protection clause in the lease documents or shared ownership papers they are not willing to lend on the property. I think the clause means without the clause apparantly the mortgage company doesn't get what they call first charge on the property. The problem is that it is throught Milton Keynes council and none of their properties have this clause, I just dont know what to do.

    Can anyone suggest a company we turn to.

    thanks

    pickle
  • JoeK_3
    JoeK_3 Posts: 1,374 Forumite
    Was this arranged through mortgage brokers?

    If so, the problem needs sorting out by them as they recommended the lender to you.

    JoeK
    I am an Independent Financial Adviser.
    Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.
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