Shared ownership for high risk borrowers

FungalCow

Mansfield do shared ownership at 90% on new build flats I believe. Have used them once when Leeds weren't up to much rate wise. Leeds are certainly easier to deal with though

haras_nosirrah

FungalCow wrote: »

Mansfield do shared ownership at 90% on new build flats I believe. Have used them once when Leeds weren't up to much rate wise. Leeds are certainly easier to deal with though

just had a look at their rates - they are on the high side which is I guess why I have never had need to use them. I tend to use Leeds or newbury (am in their postcode area) and am on the pilot for virgin money shared ownership who also do 10% deposit on newbuild flats and houses and wipe the floor rate wise with the lot of them. Tend to use KRBS for adverse - may have to investigate mansfields criteria for adverse.

Roril321

we did an affordability with the ha through this broker who said we passed it and he also told us we could even buy a bigger share than the 40% that were buying.
We sent all the documents over to him. Bank statements, payslips, cc statement etc
He did the agreement in principle with us 3 weeks before dropping us. We really don't understand why he just turned around 2 and a half weeks later to drop us. He said it was because of the unplanned over draft on my partners account and because I sent my partner some money to repay it back in the same day as he gets paid weekly. also said the fact we are first time buyers reduces our chances with mansfield. Everything else such as payslips etc matched up to what we said. He didn't give us any other explanation apart from the over draft and first time buyers as to why he didn't want to help us. He said if he put the application through and it declined he is "walking on hot coals" and told us to "abandon ship and rent" he also said he won't be helping us as it's not affordable even though he said we could afford more shares if we wanted?! We also don't understand why it took him 2 and a half weeks to make this decision? We rang and texted him every day for updates and he said stop worrying you'll be fine.

Also in regards to Mansfield doing 10% deposit we told him we want to do 5% deposit... the reason he didn't apply for Leeds with us is bevause he said they reached the exposure limit on our development which they didn't as we checked with our ha and Leeds and this wasn't the case.

haras_nosirrah

It seems you need to contact another broker. While frustrating it sounds like the first would be flogging a dead horse