Shared Ownership Mortgages - advice !

missJC_2

Hi All,
I have found a shared ownership flat that I woud like to purhcase so am in the process of finding a mortgage. Can anyone offer some advice on what lenders would provide a 100% mortgage for shared ownership.
Many thanks !!!

^!£$&

I too am looking into this so any help / info would be fab (

ps hope you dont mind me posting this on ur post missjc!!)

willsonline

try SPF Sherwins, they specialise in so mortgages.

poppy10_2

Flying Pig Plc will offer this kind of mortgage

brit1234

I don't know which is worse 100% mortgage or shared ownership? Both together is a nightmare, this has to be a scam post, no one would do this really.:eek:

SquatNow

Troll?

There are no 100% mortgages.

Being shared ownership places are new-build... most banks wont offer more than 80%ltv on a new build now.

Shared ownership is a great way to go bust.

Mac_Sami

missJC wrote: »

Hi All,
I have found a shared ownership flat that I woud like to purhcase so am in the process of finding a mortgage. Can anyone offer some advice on what lenders would provide a 100% mortgage for shared ownership.
Many thanks !!!

At present, it is very difficult, near impossible, to get a 100% mortgage for a property. For Shared Ownership, this is more the case.

Nearly all lenders require a deposit, so if you haven't got one, now is a great time to start saving, as you won't miss out by not buying now. If you have got a deposit, take some time to search around the forums for similar questions and comments that have been already posted with regards to shared ownership and house purchase.

Helga14

Not all shared ownership properties are new build. I managed to find a period property which i brought as shared ownership in Dec 2006 that was being sold as a shared ownership flat. I love my victorian flat and currently financially it looks like a very good move. They sold it to me at a price that was a sensible surveyors price rather than an estate agent greedy price.
Some companies such as Circle Anglia have a policy of selling some of their rental stock when it becomes available, so that is worth researching.

Things have changed a lot in the market since I got my mortgage. Certainly my lended Britannia who i am getting more mortage with at the moment won't lend without a deposit. They would only give you a mortage if you were buying over 50% of a property too.

Richard_Webster

Some lenders might still be doing 100% on SO because the leases normally include a mortgagee protection clause which effectively means that if the property goes down in value and the borrower defaults the HA takes the hit for the loss in value.

E.g, Property worth £150K SO lease of 50% for £75K. Mortgage of £75K.

Lessee defaults and property 100% value now £130K. To sell on open market mortgage lender has to buy in 100% interest and then sell that. Mortgagee protection clause allows lender to buy in remainder of value from HA for £130K less £75K then HA can chase defaulting borrower for difference if it can find him!

On the other hand it could be that lenders are saying they don't want to lend even on SO where the borrowers hasn't even saved anything towards it because that suggests less financial responsibility(?)

missJC_2

Thank you all for your advice, I just hope buying a shared ownership property is better than renting in the long run, but who knows !!

gabyjane

Hi we have S/O and our mortgage is with Leeds building society 40% of our house value. We put down no mortgage too.
We had no probs getting ours and dealt with a financial advsior who deals specifically with S/O properties so we knew he knew his stuff as some don't really know what it entails.
There are lenders who don't touch them we were told just because they are complicted but i'm not sure why tbh.

Also S/O are not always new build, we spoke to a few people who have them or have had them and bought theior own from them and they all had older type houses, ours is a new build though.