Need a Mortgage - HELP!

rakesh_2

Hi everyone

I am looking for a mortgage but don't know where to get the right product. I am buying a house through a housing association. The price of the house is £170,000 and i need a mortgage of £85,000. The housing association owns the other 50% where i would be paying rent.

I apprached my Bank [Alliance and Leicester] but they do not deal with mortgages in relation to housing associations. Does anyone know who does? The only one i know of so far is the Nationwide....

Thanks

danthemoneysavingman

It's been suggested that a mortgage broker will be able to help you out with this. Martin's done a big article about brokers, so I suggest you seek it out and have a good read! There are lots of co's that offer such mortgages, a "whole of market" broker will know about them.

luckyfool

Nationwide will require a minimum of a 5% deposit from your resources to go down on your share.

If you have no deposit then Leeds Building Society can do 100% of the share.

Leon_W

There are a few lenders that provide Shared Ownership mortgages

Nationwide, Abbey, Preffered, Leeds, Ipswich, Woolwich (avoid) + a few others I can't think of right now.

Not all lenders will lend you 100% of the 50% share. Not all lenders are happy with some of the Shared Ownership schemes out there either.
These types of mortgages can be difficult to arrange so the best thing I can advise would be to speak to broker who can make sure your application ticks all of the right boxes.

zappomatic

I second what Leon W says about Woolwich - some good rates but at the moment they are being so slow processing my application (why is it three weeks since the valuation and still no offer?) that I'm at risk of missing the exchange of contract deadline stipulated by the housing association!