Family springboard or shared ownership mortgage

[34knockonthedoor]

Does anyone have experience of these? DS single, wants to buy but not able to get a big enough mortgage on his own so will need to have help or go shared ownership route.
Does anyone have any experience of either? Specifically how much would the mortgage offer increase by on family springboard mortgage and where do we go to get shared ownership mortgage.
Thanks

Speak to a broker about what is available to your specific situation. I know several people with shared ownership, pretty straightforward but he needs to read all the small print, I'm not familiar with springboard though I remember it being announced

The springboard mortgages don't increase the amount you can borrow, it's purely a loan of 10% of the purchase price for the deposit (which then sits in a savings account for 3-5 years before being returned with interest). You son would still need to be able to afford to borrow 90% of the purchase price.

If you're saying that he can't afford that 90%, I don't think he'll qualify for that specific type of mortgage.

Shared ownership - check on Rightmove for any shared ownership for sale. Check the sites for any big local developments to see if any of the plots are shared ownership. Local housing associations also often build them so take a look at their sites too. There are also some listing sites exclusively for shared ownership e.g. Sharetobuy

Estate agent or the builder/HA etc will be able to direct you to brokers who will be able to work out what kind of %share DS could afford and that he meets all the necessary criteria to be accepted on a shared ownership scheme.

Thanks for your replies, much appreciated

Resales are often much better value for shared ownership. Check with different housing associations how you would find them.

Our first property was shared ownership over 15 yrs ago, we had no issues getting a mortgage, I think we went with nationwide. It was much cheaper than renting the equivalent and as had a mortgage it helped us build a deposit to move on to a house.

@LittleMissA thanks. Did you have any problems selling on?

@starpatch that's something to think about, thank you

We bought when prices were high and due to the stamp duty threshold being introduced we sold for £5k less but as we only owned half we were only down £2.5k. We put it online for 6 weeks with the housing association as per their agreement, they just list it online. Once that was up we put it on the market as usual with a normal high st estate agent and the buyer bought as a whole rather than shared ownership, they had the option to do either. It wasn't anymore complicated than any future moves. We did have good conveyancers that handled the purchase and sale so knew the setup.

It was a really good experience for us as we had a brand new flat at a really good price, stayed there a few years and built up some more equity then moved on to a house.