Borrowers Share - Mortgage?

kimbyanne

Hi,

Our shared ownership fixed rate mortgage is coming to an end in a couple of months. All we want to do is fix again - simple I thought. Leeds Building Society has sent me an emailing detailing what products they can offer us.

There is a selection of two, three and five year fixed mortgages BUT some of them are called "Existing Customer Shared Ownership Fee Free 3.70% Fixed Rate to 31/10/2019 85% Borrowers Share" for example. There are others at different rates and lengths which vary from 85% to 150% - what are these percentages?

Can someone explain what these % borrowers shares mean? We just want to fix again, not increase our share or anything!

Thanks

Kayleigh378

Hi did you get a response to this as Im currently in the same position

Hlk25

I need to know too!

ViolaLass

I would have thought that it would mean what LTV you had on the part of the house that you've bought, since it's Shared Ownership

i.e. if you bought half the house for £100k and had £10k deposit then you would need to borrow £90k at 90% of your share (but 45% of the whole house value).

FungalCow

As stated above, it is the loan to value of your share of the property.
Leeds are good for high ltv Shared Ownerships but if you are now at 85% ltv there will be better deals out there assuming you qualify. A lot of lenders dropped shared ownership mortgages but still good deals.
Last one I did with Santander, the retention system couldn't handle the shared ownership aspect and gave the rates as if owned the full property.

Lunchbox

We’re in the same position and currently remortgaging away from Leeds to get a better rate. We have found the pool of lenders extremely limited compared to before though - only 3 with un-extortionate rates that will do both shared ownership and flat in building over 4 or 6 storeys. Leeds said our building no longer meets their criteria, even though it says it does on the website.