Mortgages

[ricardodaintino]

A proper out of bounds subject! Way off from golf but I need advice.

HID and me are finally in a position to think about getting back on the property market and have found some local "shared ownership/ equity schemes" which make it affordable to us.

Only problem is most lenders won't lend on share schemes.

Is anyone on here a shared ownership property owner who can recomend a good lender who won't screw us over?

Thanks

Richard

 

[medwayjon]

The chelsea were happy to lend in these situations when I was in estate agency, as were the britannia I believe.

 

[need_my_wedge]

I had a shared ownership in Milton Keynes many years ago, so did my father recently. Didn't have any problems with a mortgage, got mine through the Halifax. The agency selling the property, or the housing association will be able to point you in the right direction.

 

[Cernunnos]

Althoughh I can see some merit in these shared ownership schemes. I have been warned off them & after reading threough some of the small print on some of the recent ones where promotional material has fallen through the letterbox I can't say I'm especially impressed, as I'm not.

 

[ricardodaintino]

Cernunnos - I think you are right in some of the cases. Alot of them are Tosh.

We've found one that seems to suit our situation as we are growing out of our house and paying over £600 a month. Our new mortgage would be about the same but we'd own 50% of something rather than 100% of nothing.

Thanks for the info guys, I'll give these lenders a look.

 

[need_my_wedge]

Ricardo,

When I bought into my shared ownership back in the late 80's, mortgage companies willing to lend on shared ownership were difficult to find, although not impossible. These types of property are much more widely available now, not just here in Milton Keynes where they were pioneered. I'm sure that there are plenty of mortgage companies that will lend against them now.

It will obviously depend on the deal and percentage share they offer, but they are a good way for 1st time buyers to get their foot onto the property ladder. One thing to note, they are usually offered by housing associations aimed at first time buyers, aplicants are usually screened, some associations don't like current owners buying into them and do turn down applicants.

When my dad sold his shared ownership 2 years ago, and when I sold mine 11 years ago, we had to apply to the ssociation for permission to market it openly. they had to vet the applicants (one lot turned down on my fathers), and they reserved the right to put their own applicants in front of the queue. Having said that, both properties were sold without problem, pretty much to the first viewers .

Good luck.

 

[Smudge]

There are plenty of lenders who will lend on these type of properties now. Find a good independent mortgage advisor who will steer you in the right direction.

 

[ricardodaintino]

Thanks for the advice guys.

Had a meeting with a financial advisor at the weekend and fingers crossed he found us a lender.

Solicitors to pay now and then it likes like its all systems go!

Will mean rethinking what course I look at membership for now though as its put The Bedfordshire a little out of bounds!