Shared Ownership Mortgages Lenders

Javier Said:

Mortgages with a 5% deposit? UK?

We Answered:

Check out www.charcol.co.uk and look at calculators online to find out what products are available with a 5% deposit or contact a mortgage broker in your area (your estate agent might be able to direct you to one). They can search the market for you and state the interest rates/fees you'll need to pay. In this current economic environment, a 5% deposit will limit your mortgage options and you may pay a higher than average interest rate on your mortgage. You may need to consider saving up for a 10% deposit to get a better deal. Remember that if you have any debts/on-going payments (e.g. child support, credit card bills, loans, CCJs against you for reasons of non-payment of debts), this will count against you, so make sure you've cleared any other debts before applying for a mortgage if possible.

Michael Said:

How can I get a mortgage on a property bought at auction?

We Answered:

A Bridging Loan is a temporary, short-term loan, which is secured on land or property (eg your existing home) and is therefore a type of mortgage. If you already have a normal mortgage on the property, it may still be possible to arrange a bridging loan as a second mortgage, provided there is sufficient value in the property to provide security for the extra loan.
Try http://www.bridgingloanfinance.co.uk/ for more advice

*****SORRY - Just noticed you said you are a first time buyer

Theodore Said:

Which lenders offer shared ownership mortgages?

We Answered:

Woolwich, Leeds Building Society, Kent Reliance Building Society are the main ones, and every so often, Abbey.

Depends on your deposit/equity though, and your affordability, and what proportion of the property is in your ownership.

Perry Said:

Does anyone know which lenders still deal with Shared Ownership mortgages?

We Answered:

There are approx. 7 lenders who are still offering shared ownership mortgages but it can be a bit of a minefield as they each have differing conditions. These can include the minimum or maximum share, conditions on stair-casing and deposits depending on the type of property. You should seek advice from an Independent Mortgage Adviser who is experienced in this area to ensure that you meet the lender's requirements as well as that they meet yours. Many advisers do not charge fees for their services as they can receive commission (known as a procuration fee) from the lender for introducing you.

I have a client who had 3 applications declined before coming to me as they didn't meet the lender's criteria. this can then have a detrimental effect on your credit score so it is best that it is done right first time.

Finally if you do want to go alone on this the main lenders as Woolwich, Nationwide, Halifax, Abbey and Leeds.

Tina Said:

Mortgage Protection Clause missing?

We Answered:

"the lender to accept the lease as it is."

I very much doubt that would happen, as it's their money and risk.

Paul Said:

HELP!mortgages, shared ownership houses-any advice would be great!?

We Answered:

first of all unless you speak to someone who is cemap qaulified then their information is not always accurate. secondly you haven't stated much about your financial situatuon, if you have oor credit history or the deposit you will need. do you earn the required amount to get a mortgage on the amount you want to borrow, or how much you can afford to pay a month these are all things you need to think about.

I think shared ownership us a wonderful idea it helps those who can't afford a house to own something. my sister is doing this ad plans to buy the house outright once her bf finishes uni. but there are also complications al ot of the time you can't remortgae to debt consolidate or borrow money unless you first prove to the housing association it is for home improvements and secondly you need the housing associations authority to do strutcal alterations the property.

Like I said beforr speak to a mortgage broker who doesn't charge a fee just to get an idea of what costs will be and they will sort you the best rate and most suited product fopr your needs

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