Shared ownership with housing association and 100% mortgage - where do I stand?

EJ

Hi All,

My mum is trying to buy a property through a housing association where she buys 30% (approx) of the property.

She has no savings so needs a 100% mortgage for the 30% share she is buying (approx £35,000). The problem is that most banks (a) wont do a mortgage for a shared ownership house and (b) wont do 100% mortgages for that share.

Does anyone know of any banks / lenders who do this?

Would really appreciate any advice from you as she would love to "own" at least a part of a house!

Cheers,

E xx

Fairdo_2

From my recollection, Abbey and Nationwide do Shared Ownership, but I think they still require 5% of the 30% share.

Leeds & holbeck do 100% but have very restrictive rates.

Newbury may do 100% but I can't remember for sure.

Halifax have in the past allowed 100% of the 30% share, but your Mum would have to show proof that she has 3% of the 30% in her bank account to qualify. (Seemed to me to be a funny rule, but it helps effectively be 100% because she'd have to find the legal and other fees from somewhere, so that should normally cover at least the 3% figure required.

Hope this helps.

EJ

Thanks so much for the info - will pass it on to her. It's all such a minefield!

It's hard as she has no savings (well £400 for emergencies!) so I'm not entirely sure how she's going to fund the fees etc.

Any one else know any other mortgage providers who do 100% mortgages for shared ownership properties?

Cheers!

EJ x

DilbertJones

try skipton (i am buying a 75% share Skipton are lending 100% of my share)& try going through a IFA if possible.