Shared ownership mortgage renewal

pb8770

Hi guys
I'm currently on a 2 year fixed mortgage which is due to expire on 1st of May. The thing is my property is a shared ownership where I own 60% and I bought it with a 5% deposit. I'm currently with the Leeds Building society on a fixed rate of 3.99%.
I was informed by my broker that I'm limited as to who will loan me on a shared ownership. I took out a £76982 mortgage on my 60% share and I've had a letter from my broker my mortgage is up for renewal and was wondering if anyone can help me to see if there are more lenders for shared ownership mortgages, and to see how I can set up my own mortgage without having to use a broker.
Thanks in advance
Paul

PinkPig

Generally using a good broker is a good idea - and they will know which lenders are suitable. What’s the reason for wanting to go without a broker?

haras_nosirrah

I am a shared ownership mortgage specialist who has been mainly dealing in shared ownership for 11 years.

There are a number of lenders who do shared ownership. Whether it is worth changing lender will come down to the cost of switching vs the rates available and your loan to value.

You need to factor in that with a switch you will have solicitors costs which can often negate a saving.

For clients I compare their existing lenders offering vs the rest of the market and work out what the saving on payment vs the cost of changing and depending on the result will either switch to another rate with their existing lender free of charge or change lender if it is worth doing.

[Deleted User]

A broker will either get you the same as you have found or cheaper. Brokers sometimes get exclusive deals from lenders to encourage them to plave business there.

There is no real reason not to use a broker to be honest. You'll go through a much quicker process and they can search dozens of lenders for you.

If you just don't want to pay then some don't charge, some will waive fees if its a easier case.

pb8770

Thank you for the replies, I wanted to see if I could do it on my own to avoid fees, but as some have mentioned, I'll need to use solicitors anyway. I know some brokers only deal with certain lenders due to the commission they get. I want access to the full market to get the best deal for me and not what's in it for the broker.

haras_nosirrah

If a broker is whole of market then they have to provide the best rate with no commission bias and should be able to show sourcing and validate why they have recommended that lender.