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Shared ownership mortgage
EmmaN73
Posts: 1 Newbie
Hello
Does anyone know of mortgage companies that will do mortgages for a shared ownership? I feel like I am being ripped off. When Moat housing association awarded me my shared ownership contract I was forced to use a mortgage broker (and pay £300) to be told that I have a choice of one mortgage company!! The deal that I signed up for with Leeds building society has now finished and my mortgage rate has gone up despite the decrease in interest rates. I have not got a good deal and want to know where else to go for a competitive mortgage quote for a shared ownership mortgage.
It does seem to me that the people who are in need of financial help so turn to a housing association are being ripped off by the back handers that are going on between the broker, solicitor and mortgage company.
Does anyone know of mortgage companies that will do mortgages for a shared ownership? I feel like I am being ripped off. When Moat housing association awarded me my shared ownership contract I was forced to use a mortgage broker (and pay £300) to be told that I have a choice of one mortgage company!! The deal that I signed up for with Leeds building society has now finished and my mortgage rate has gone up despite the decrease in interest rates. I have not got a good deal and want to know where else to go for a competitive mortgage quote for a shared ownership mortgage.
It does seem to me that the people who are in need of financial help so turn to a housing association are being ripped off by the back handers that are going on between the broker, solicitor and mortgage company.
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Comments
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I've had SO mortgages from HSBC and Nationwide.Mortgage - £[STRIKE]68,000 may 2014[/STRIKE] 45,680.0
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Halifax, Santander...Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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Leeds building society. Great service.0
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Why not go to an independent broker?0
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If you bought a newbuild with a small deposit you would be limited with Leeds being the best option, as lenders like Nationwide and Halifax require 15% and 20% respectively for newbuilds, shared ownership or not.
Now the property is no longer a newbuild, you will have more options for your remortgage.
There is no payment from housing association to broker or solicitor or vice versa. Typical commission on shared ownership for us is about £90 so without charging our £250 fee we would not be able to take the business.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
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