any mortgage advisers here?

[EmilyandLola]

My DP and I are just starting the process of buying our first home. It is part of a flagship homes shared ownership scheme and we are buying 50% and renting 50% of the equity. We need a mortgage adviser, dont really know where to start?

Try contacting this
I do quite alot of shared home ownership mortgages, do the housing association ahve any independant mortgage brokers/finanacial advisers they recommend?
Are you putting a deposit down? If not best bet is probably Woolwich who have a three year fix with £500 cash back (First time buyers deal) Your salalry nust equal 3x joint or 4 plus 1.
What area do you live?
Do not use a broker who charges a fee as they will get commission.

we dont have t put a deposit down as the flagship homes are offering a deal where they pay 5% as the deposit.

We need to get a mortgage of 95% of the 50% share of equity.

Plus pay stamp and contract fees... which I have know idea what they will be.

Quite scary really. Never bought a house before.

If they are putting 5% deposit down that will give you more options on the mortgage front.
Have you contacted a mortgage broker as they will tell you all you need to know.

no, how do I go about doing that?

Ive spoken to the Stamp Duty people - stamp will be 650.00 does that sound right?

God, I'm completely clueless.

That figure seems tiny tbh. How much is the purchase price and do you pay it on the entire purchase price or just your share.

Stamp Duty scales . Could be ok if you are buying half share of £130k house, and only paying stamp duty on your half - is that right ?

Click on the link below in the post of 12.47;31, put in your postcode and click on the box that says mortgages, then put in the security number shown and a local IFA should come up on the next page, give them a call and ask if they can do mortgages for shared home ownership.

yeah only paying the stamp on the 50% share of a 135,000 house

Yes, you can pay stamp duty only on the share you are buying. You can pay on the whole lot if you wish too,

oops!

the woman on the phone mentioned option 4, paying 1% of 50%...

Emily did you get sorted out. Just that dp a broker and may be able to help you out ?

have spoken to a broker this morning, now on the hunt to find a solicitor that can help,

you can get him to contact me if you like - it cant hurt to shop around

emily . benton @ hotmail . com

HAve passed it on he will e mail you. He deals with solicitors too. Can sympathise i leave it all to him it's a minefield isn't it.