FTB - Shared Ownership mortgage problems :(

sammyjammy

Referral to underwriter would only happen once you've made a formal application if necessary.

Good luck and let us know!

madlyn

My shared ownership mortgage is with Leeds Building Society and I have been with them for 10 years.
I believe the Halifax do shared ownership mortgages but not sure about Nationwide, as when I asked about 4 years ago I was told they no longer dealt with shared ownership.

kingstreet

dee123 wrote: »

Also I forgot to mention. I was thinking about the Santander issue and I'm just thinking could the LTV have played a part in the refusal as I went for LTV 90% but with Nationwide I'm trying 85%

Santander won't do 90% on a newbuild house.

It's 85% max, same as Nationwide.

dee123

Hi, Thanks for the replies.

sammyjammy wrote: »

Referral to underwriter would only happen once you've made a formal application if necessary.

Good luck and let us know!

Thank you, just worried about the underwriters I've heard there can be issues as it's shared ownerships and the two incomes.

Does it get referred all of the time or only if it flags up due to affordability etc?

Thank you again for the reply SammyJammy.

madlyn wrote: »

My shared ownership mortgage is with Leeds Building Society and I have been with them for 10 years.
I believe the Halifax do shared ownership mortgages but not sure about Nationwide, as when I asked about 4 years ago I was told they no longer dealt with shared ownership.

Hi thanks for the reply , I did have a look at into Leeds and Halifax but went with Nationwide, They now do Shared Ownership Mortgages, there online budget calculators have been updated for this and double checked on the phone.

Thanks again for the reply

kingstreet wrote: »

Santander won't do 90% on a newbuild house.

It's 85% max, same as Nationwide.

Thanks Kingstreet for the reply

I'm not sure if that would be the reason why Santander declined the AIP but I've got my broker to look into this, Hopefully I get everything sorted with Nationwide


Will keep the thread updated.

dee123

Hi all,

Just an update. The mortgage full application has been delayed until the end of next week.

Will keep the thread updated.

dee123

Ok another update and advise needed

Applied for the full mortgage by telephone with Nationwide on 1st November. The mortgage consultant luckily reviewed my documents immediately and approved them and stated hes done most of the underwriting.

Received a text the following day stating I've got a valuation booked in for November 14th.

Now I wanted to ask is it best to instruct my solicitor now and pay the initial fees or is it best to wait for the formal offer to come through and then appoint them ? I contacted the solicitors I want to use and they have been really good but just don't fancy losing out on a few hundred just incase there's any issues with the valuation!

I know after reading a few other threads that it's important to do it straight away as it EA / Seller may pull out if they don't have details or think your not committed but for me it's slightly different as it's a developer and the completion date is in early January.

Any advise is appreciated

Thanks