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Scotland mortgages - Golden Share scheme
JMCL22
Posts: 2 Newbie
Do certain lenders not support the golden share scheme?
We have an offer in principle but have been told this lender won’t support mortgages on a golden share property. It’s not one of the main high street lenders, but I didn’t realise this scheme was something lenders would have an issue with?
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Comments
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Yes, this sort of affordable housing scheme which restricts the price (and/or who's entitled to buy) is going to be viewed as a complication by mortgage lenders. You'd be best to consult a broker to see which lenders can accept this.0
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Is this equivalent to Discounted Open Market Value/First Homes in England? If so, there are limited lender options;-
Halifax
Chorley
Darlington
Leeds
Newcastle
Nationwide
Mansfield.
Sorry, I don't know which will/won't lender in Scotland.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thanks - why do they see it as a complication out of interest? These schemes are put in place to make buying a home more affordable but then it’s not as easy to get a mortgage on.., it just seems backwards!user1977 said:Yes, this sort of affordable housing scheme which restricts the price (and/or who's entitled to buy) is going to be viewed as a complication by mortgage lenders. You'd be best to consult a broker to see which lenders can accept this.0 -
Because of all the extra hoops to be jumped through as a seller or buyer:JMCL22 said:
Thanks - why do they see it as a complication out of interest?user1977 said:Yes, this sort of affordable housing scheme which restricts the price (and/or who's entitled to buy) is going to be viewed as a complication by mortgage lenders. You'd be best to consult a broker to see which lenders can accept this.
https://www.edinburgh.gov.uk/downloads/file/32205/a-guide-to-golden-share-april-2022
Mortgage lenders prefer mainstream properties which are easy to value and easy to sell if they repossess.0
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