Shared ownership mortgage

madlyn

On the 30th of April this Year My fixed rate mortgage with the Leeds Building Society ends, my current interest rate is 4.99%.
Today I have had my annual mortgage statement and on the 1st of Jan this year I owed £21.447.48, I over pay by around £30 each month and when the fixed rate ends the mortgage will revert to their SVR at 5.69% and I have 14 years left on the mortgage.
Are there any other Shared Ownership buyers out there who are with a different lender and perhaps a lower interest rate?

madlyn

Well I thought Shared ownership was becoming more popular so expected a bit of feedback.

haras_nosirrah

I am a shared ownership mortgage specialist on the panel of 2 housing associations and 10 yrs specialism.

There are a number of lenders. I can tell you are with leeds which would have meant a 5 or 10% deposit. Depending on your equity and affordability there will certainly be options for you.

if just switching products you would probably be better staying with leeds and choosing a new fixed rate due to the fees involved with remortgaging and having a very low mortgage balance (the free solicitors don't cover the shared ownership supplement) but if looking at staircasing then you would be better speaking to a broker.

madlyn

Ok, I will look in to what fixed rates Leeds have available.

tiger_eyes

My shared ownership mortgage is a bit under 2.5%. That's with Halifax.

madlyn

Thats good, I think the other post was right in the fact my outstanding balance is fairly low and the fees involved with moving to a new provider may out way the benefits.
Due to Brexit looming and the uncertainty with that, I may try and get a new deal in place before March 29th.