Shared Ownership 5% mortgages.

P1nksox

So we’ve seen a beautiful town house on Shared Ownership. It’s £250,000 and we can buy a 35% share with only just 5% deposit (as stated by the housing company) but yet, we are super struggling to find a lender who will do a shared ownership mortgage with only 5%.

Are we going to have to wait until April for the government scheme or can the scheme not be used with Shared Ownership?

K_S

@P1nksox There are only very few lenders who are offering 95% LTV SO mortgages (subject to their individual criteria ofc) at the moment. Are you struggling to find lenders or qualify on criteria/affordability, etc?

lonibra

big_saver_5 said:

I used a broker from here who is a shared ownership specialist who may be able to help you. She started the ask me anything thread but doesn't post here any more (haras_n0sirrah)

If you want her details let me know and will give them to you 

I noticed that. Can I ask why she doesn't post here anymore, too busy?

big_saver_5

lonibra said:

big_saver_5 said:

I used a broker from here who is a shared ownership specialist who may be able to help you. She started the ask me anything thread but doesn't post here any more (haras_n0sirrah)

If you want her details let me know and will give them to you 

I noticed that. Can I ask why she doesn't post here anymore, too busy?

Mse decided her ask me anything thread was advertising so stopped her posting I think.
Shame because Sarah is a fantastic broker and she gave great advice on the boards. Stepped in at the 11th hour and saved my purchase after it went wrong via another broker so am always happy to recommend her. I didnt buy shared ownership but I know from her postings this is her expertise area and I dont think any of the other brokers on the boards specialise in this area. 

[Deleted User]

I saw she was banned but didnt know the reason.  Thats a bit ridiculous though, she was one of the most helpful people on here. Especially in an area like SO where a lot of brokers dont specialise in or do a lot of. 

OP - 95% shared ownership is possible. Mostly through smaller building societies that you are unlikely to hace heard of. 
There are some lenders that only do them through certain brokers though (as I found recently when i had to pass a client to an ex colleague in a different firm who had access to a 95% deal with a lender and i could only get 90%). 

ukri

lonibra said:

big_saver_5 said:

I used a broker from here who is a shared ownership specialist who may be able to help you. She started the ask me anything thread but doesn't post here any more (haras_n0sirrah)

If you want her details let me know and will give them to you 

I noticed that. Can I ask why she doesn't post here anymore, too busy?

She was permanently banned. She got too greedy and started using the forum to hawk her wares, blatantly touting for business.

getmore4less said:

Posts like this one were very regular(before this thread), surprised they lasted so long before getting banned.
https://forums.moneysavingexpert.com/discussion/comment/77786406#Comment_77786406

We are working brokers and posters are able to contact us for help as a broker if they wish (we are not allowed to contact posters but posters can pm us). 

Blatant Soliciting for business.

[Deleted User]

But her comment is factual and correct. We arent allowed to pm people but they can pm us.   Dont see it as touting for business, just pointing out why she couldnt offer full information

P1nksox

K_S said:

@P1nksox There are only very few lenders who are offering 95% LTV SO mortgages (subject to their individual criteria ofc) at the moment. Are you struggling to find lenders or qualify on criteria/affordability, etc?

We fit the criteria. We have a combined salary of £61k. It’s just finding the lender that’s the issue.

ukri

Deleted_User said:

But her comment is factual and correct. We arent allowed to pm people but they can pm us.   Dont see it as touting for business, just pointing out why she couldnt offer full information

Come on Deleted_User, surely you know that it’s never that black and white.

Your MSE code of conduct clears prohibits encouraging posters to contact you. As an adviser here, Would you be comfortable with making the following posts? She’s even suggested sending across a credit report for gods sake! If its any reflection of her ethics and how she interprets rules (some you advisers should be good at) , it doesn’t inspire a lot of confidence in her services. And this is just from a quick scroll of a few weeks posts. Like get more less said, I am shocked she lasted as long as she did.

You can pm me with contact details

I would need a bit more info to look at it (why is the pension non taxable for example) - if you want to contact me please send a pm

Best thing to do is to speak to a broker. If you don't have one you can approach a broker who posts here by pm.

You just need to send me a pm through here and I will come back to you 

I wouldn't know without looking at credit report and your circumstances. Happy to do so but you would need to approach me via pm

K_S

P1nksox said:

K_S said:

@P1nksox There are only very few lenders who are offering 95% LTV SO mortgages (subject to their individual criteria ofc) at the moment. Are you struggling to find lenders or qualify on criteria/affordability, etc?

We fit the criteria. We have a combined salary of £61k. It’s just finding the lender that’s the issue.

@P1nksox In that case, if you haven't already, I would recommend getting in touch with a broker. SO mortgages have grown hugely over the past couple of years and there are only a couple of lenders anyway at that LTV, so most experienced brokers will be able to give you a realistic idea of a way forward. Good luck!

P1nksox

Yes, I’m finally in touch with a broker now. Just waiting on the results.