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  • FIRST POST
    • s724453
    • By s724453 8th Aug 18, 5:42 PM
    • 3Posts
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    s724453
    Shared Equity ReMortgage
    • #1
    • 8th Aug 18, 5:42 PM
    Shared Equity ReMortgage 8th Aug 18 at 5:42 PM
    Hello,

    I have owned my shared equity (using help to buy scheme) from when it was built in 2010. I am currently attempting to remortgage to get a better deal but i am unable to find any bank or building society that will do this??? my current bank will remortgage me but I cant seem to find anyone else that will REmortgage, they only seem to offer new mortgages due to the shared equity. I have even tried L&C who have been unsuccessful. . . .
    Any help or ideas??? I cant see anything on the MSE website in regards to this??!!!!
Page 1
    • Mermaid89
    • By Mermaid89 8th Aug 18, 7:10 PM
    • 73 Posts
    • 30 Thanks
    Mermaid89
    • #2
    • 8th Aug 18, 7:10 PM
    • #2
    • 8th Aug 18, 7:10 PM
    I too own 50%. in a shared equity home. It is of my understanding that unless it is your intention to staircase to 100% ownership your list of lenders is very limited. My broker told me as I intend to staircase to 100% when my fixed rate is over I have access to the full panel of lenders as it is treated as a regular remortgage. What percentage do you currently own?
    • poppy10
    • By poppy10 8th Aug 18, 7:51 PM
    • 6,012 Posts
    • 7,262 Thanks
    poppy10
    • #3
    • 8th Aug 18, 7:51 PM
    • #3
    • 8th Aug 18, 7:51 PM
    This is one of the many reasons why shared equity/Help to Builders is a scam.

    Very hard to get a remortgage

    http://www.thisismoney.co.uk/money/mortgageshome/article-6019787/Help-Buy-homeowners-miss-good-remortgages-95-deal-better.html
    • haras_nosirrah
    • By haras_nosirrah 8th Aug 18, 8:21 PM
    • 1,567 Posts
    • 2,834 Thanks
    haras_nosirrah
    • #4
    • 8th Aug 18, 8:21 PM
    • #4
    • 8th Aug 18, 8:21 PM
    It is certainly possible - there are not many lenders but there are some good rates about. I am currently doing shared equity remortgages for 3 clients with the help to buy remaining in place.
    I am a Mortgage Adviser
    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.
    • s724453
    • By s724453 16th Aug 18, 10:02 PM
    • 3 Posts
    • 0 Thanks
    s724453
    • #5
    • 16th Aug 18, 10:02 PM
    • #5
    • 16th Aug 18, 10:02 PM
    My house value was at time of purchase, 150,000. The mortgage I got was for 105,000.
    Leaving 45,000 from the government and housebuilder. we are 8 years in and are looking to remortgage for 80,000 as we have not paid back any of the 45,000 just paying interest at the moment.
    • haras_nosirrah
    • By haras_nosirrah 16th Aug 18, 10:58 PM
    • 1,567 Posts
    • 2,834 Thanks
    haras_nosirrah
    • #6
    • 16th Aug 18, 10:58 PM
    • #6
    • 16th Aug 18, 10:58 PM
    Would you be looking to buy out the shared equity stake or remortgage with the shared equity in place? This will determine the most suitable lenders.

    Who is your existing lender?
    I am a Mortgage Adviser
    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.
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