Long shot: 100% shared ownership mortgages?

Drysdale

Hello all.

Myself and partner are first time buyers and have decided upon buying into a shared ownership/part buy-part rent property.

The property is valued at £150,000 and our 50% share is worth £75,000. I earn circa £27k whilst my partner earns £18k.

We are having great difficulty in finding the right mortgage with most banks not offering a shared ownership mortgage at all.

We will only be able to go for a 100% mortgage as have no deposit at all. Does anyone know of anyone that will provide a 100% value (£75k) part buy-part rent/shared ownership mortgage? I appreciate we will have little or no options/flexibility. Thanks.

homer_j_3

Yes - do you have any debts or bad credit?

MortgageMamma

you have plenty of options and flexibility. lenders do not advertise shared ownership mortgages much as due to the low loan values there isnt much money in them for it. but I can think of about 3 lenders that will do this and even if you have adverse credit there is still one that will do 100%

your best option to resolve this is speak to a whole of market mortgage adviser. Just for info I'm not touting for business, I dont get involved in shared ownerships as there's not enough money in it for me.

Drysdale

Fantastic.

Credit rating is good/excellent for both parties. I have a single loan to the value of £6k with repayments at £197 pcm.

You both seem to agree that there are definately lenders who willl do 100% shared ownership mortgages. Care to name one?

To the above poster: I am meeting with an independent advisor tommorow pm.

Thanks.

homer_j_3

let them tell you but have peace of mind there is some help.

MortgageMamma

I think Leeds building society may do it but its been two years since I touched a shared ownership mortgage so dont take that as advice!