which is best building society for shared ownership mortgage..

snowwonder

as i need to open a savings account as i am planning to buy shared ownership house next year
thankyou

Dan_Collins_2

Depends on why they are the best. For 100% the only BS is the Leeds. However if you have at least 5% you have many options. It will depend on the deals at the time you start looking.

allan673

i think halifax are good, worth a look

http://www.godirect.co.uk/mortgage-lenders/halifax-shared-ownership-mortgages.php

snowwonder

thanks i will have a depoist for the house....
just want them to see the savings to help me get a mortgage....
does it matter if i saved in an account that was different to the building society i applied for a mortgage with...

Helga14

Britannia have been very good for me. You have to buy at least 50% of the property though with them.

minimike2

Why does it have to be a BS? Banks will do SO as well.

Conrad

Ipswich Building Society have been very competetive in this field but lots of ifs and buts, for example is 3.5 x guaranteed income sufficient

snowwonder

so does it matter where my savings are?
do my savings have to be with the place i plan to get mortgage from? or doesnt it really matter

Dan_Collins_2

Makes no odds

Mandog

Obviously you need to shop around when the time comes and get the best rate, and yes do check the banks as well as the building societies - both times I've looked banks were offering the best deals. (Actually, when I bought my first 25% the big banks were the only option. The building societies wouldn't lend on less than 50%. That may have changed of course.)

If you're struggling there are mortgage brokers who specialise in shared ownership or the standard ones like London and County may be able to help - but don't pay a fee and do check the market yourself too.

My first s/o mortgage was with the Halifax in 2002 - they were terrible. The systems were clunky and staff kept making mistakes on paperwork because they didn't really understand shared ownership. It took so long that the housing association were making noises about withdrawing the property.

When I bought another 25% in 2006 I went to Abbey - it was all incredibly quick, smooth and friendly.

Obviously things change and shared ownership is much more common than it was back in 2002. The most important thing is the rate though good customer service does make it all so much less stressful.

snowwonder

thankyou for posting