Shared ownership mortgage

chantile

We currently own a 50% share in a shared ownership property and are attempting to purchse the other 50%, however our current mortgage lender is saying that the combined income of myself and my partner is not enough, and therefore we need a guarantour in order to continue. Would you be able to advise us of alternative options, i.e other lenders that can help us, we really need help to get this sorted.
Thank you.

herbiesjp

Who is your current lender?

It sounds like you may need to find a different lender that has higher income multiples or affordability calculators, as you are looking to effectively purchase the property outright, you should have most lenders to choose from

m8nd1

Hi

I am in the same position and have really struggled to find a lender who will invest. Many don't touch shared ownership as it is too complicated, even though in effect you are trying to buy the property outright. My current lender offered me an additional borrowing, but at a much higher rate which I declined. Also, I bought into a 5 year fixed rate deal so swapping will mean paying exit fees etc..

Hope you find someone to help

There are a couple of companies suggested on the shared ownership pages of Servite Houses, which can be found here:
http://www.servitehouses.org.uk/Find+a+Home/Home+Ownership/

Bottom of the page.

SMQ

I've been looking into doing the same thing - buy the other 50% share. I want to release equity from my share as I will not be able to borrow enough on my salary alone from my current lender.

I've been investigating remortgage options and I think you'd need to go through a broker who can then search the whole market.
http://www.shared-ownership-network.com/

The above website offers free advice. I've only emailed them but as I've not had a valuation done yet, they can't help me. They said to contact them once I've had the valuation then they can search the market.

There are a few brokers who specialise in shared ownership remortgages - google shared ownership mortgages and you will see them.

Let us know how you get on.

herbiesjp

Any good whole of market adviser should be able to help, without looking for specialists in shared owbership mortgages

turbostar_2

m8nd1 wrote: »

Hi

I am in the same position and have really struggled to find a lender who will invest. Many don't touch shared ownership as it is too complicated, even though in effect you are trying to buy the property outright. My current lender offered me an additional borrowing, but at a much higher rate which I declined. Also, I bought into a 5 year fixed rate deal so swapping will mean paying exit fees etc..

Hope you find someone to help

There are a couple of companies suggested on the shared ownership pages of Servite Houses, which can be found here:
http://www.servitehouses.org.uk/Find+a+Home/Home+Ownership/

Bottom of the page.

Hi, i was just wondering what lender offered you additional borrowing? I'm guessing they will only lend the money for buying a higher share in your property? I'm looking for additional borrowing to clear a loan and a credit card.