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Nationwide Shared Ownership Mortgage
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Breezer_1989
Posts: 1 Newbie
Good evening all,
Myself and my partner are all very new to the mortgage game so apologies in advance if any of the below doesn't make much sense but any help/advice would be most greatful.
Once saving up enough for a deposit we have decided to go down the shared ownership route. Cost of house £190,000 which we have purchased 50% of with the othet half payable in rent to the housing provider.
We agreed a mortgage in principle with Nationwide and setup a solicitor who has received all of the searches. Nationwide have reviewed and approved the valuation report and sent us a mortgage pffer so everything appeared to be in place....
Having spoken to the solictor today I'm now a little confused as she has said that Nationwide are querying something to do with the offer being for a shared ownerahip style mortgage. She said I shouldn't need to worry as its an old law and there is always the same query in relation to these and that othwr shared applications have gone through from her clients with Nationwide in the past.
Should I be worried or the fact that she has asked me to come in and provisionally sign contracts next week to speed up the process must be a good thing?!
Thanks in advance.
Chris
Myself and my partner are all very new to the mortgage game so apologies in advance if any of the below doesn't make much sense but any help/advice would be most greatful.
Once saving up enough for a deposit we have decided to go down the shared ownership route. Cost of house £190,000 which we have purchased 50% of with the othet half payable in rent to the housing provider.
We agreed a mortgage in principle with Nationwide and setup a solicitor who has received all of the searches. Nationwide have reviewed and approved the valuation report and sent us a mortgage pffer so everything appeared to be in place....
Having spoken to the solictor today I'm now a little confused as she has said that Nationwide are querying something to do with the offer being for a shared ownerahip style mortgage. She said I shouldn't need to worry as its an old law and there is always the same query in relation to these and that othwr shared applications have gone through from her clients with Nationwide in the past.
Should I be worried or the fact that she has asked me to come in and provisionally sign contracts next week to speed up the process must be a good thing?!
Thanks in advance.
Chris
0
Comments
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We have a shared ownership mortgage with Nationwide, it was fairly hassle free and we got a good rate. As the query is from the Solicitor is it something to do with the shared ownership lease? I know the Solicitor has to check the Shared Ownership lease meets the requirements of the lender.0
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