Remortgaging shared ownership property

JohnS123

Having a look on the in Mortgages > Best buys (on this website, sorry is not letting me post a link) there are some great deals available. What I mean by a great deal is a mortgage on a Variable rate at a low interest rate (currently showing as 1.64%). There is also no expire date which means there is no follow-up rate at the end of term to worry about as those are much higher such as 2.99%.

As a sharedownership owner, I don’t seem to be free to select any lender as I want to fit my needs. After calling few and mentioning sharedownership, they say that they can not offer me a mortgage. I seem to be stuck with just Barclays, HSBC, NatWest or Santander.

It seems that if I want to keep a low interest rate, I will have to pay £999 product fee every two years. All mortgages offered to me have a good rate for two years and then it goes substantially higher, so I will have to change the mortgage again.

My goal is to payoff the mortgage as soon as possible so variable rate mortgage with no overpayments limits seems right.

Please, share your experience with me and any advice is much appreciated.

Thanks.

simond83

http://www.legalandgeneral.com/files/mortgageclub/_pdfs/government-housing-schemes-matrix040118.pdf