Ownhome/People for Places/Co-op

A question about : Ownhome/People for Places/Co-op

Evening All,

I'm hoping someone can help.

5 years ago we were successful in being able to purchase our first home on the Ownhome Scheme and although very stressful at the time are really happy to say we have had the keys to our house 5years tomorrow.

One of the stipulations of the scheme was to have a mortgage with the Co-op. We started with a 3 year tracker and at the end of that changed to a 2 year fixed. This is about to come to an end. We hadn't heard from the Co-op and so tonight have rung the Co-op to move deals.

I couldn't and still can't believe what we have been told tonight. The Co-op have basically said they can't renew our deal and we will defer to the variable rate and that is all they can do for us as they no longer have any dealings with People for Places.

If we want to sell our home and buy another they can offer us a mortgage with their current deals but that's it.

Has anyone moved mortgage providers who are on that scheme, if so what lenders are available please? And also anyone who is with the Co-op through the Ownhome Scheme might be worth a call to the Co-op....

Any advise is gratefully received

Thanks

Best answers:

• Is this a shared ownership type of purchase ?
  What is the SVR you go onto ?
  Can you remortgage to a high street lender ? Equity in the property ?
  Savings, income etc
• Thank you for your reply dimbo.
  It is a shared equity scheme not shared ownership. When we come to pay back the equity loan we pay back the percentage of the value of the house.
  We would like to know the lenders that are available to us to remortgage with. We have approx 50k's worth of equity which is ours. We don't currently have any savings as we have done a lot of work to the property with what would've been our savings.
  The SVR will be 4.74% which I know is still not too bad a rate but would prefer to be on one of the fixed rate percentages of around the 3% as would everyone if they have the chance.
  Income is approx 55k pa jointly
  Looking for a lender who will be able to assist. I have contacted both HSBC and Santander who we hold accounts with and neither of them can assist :-(
• You need to find a whole of market mortgage broker
• I am also aware of this problem. When I spoke to The Co-op earlier this year they said they could no longer offer us a new mortgage product/deal as they no longer deal with shared equity properties! I was shocked as they were the only mortgage lender who actually did the Ownhome deal in the first place!
  I think you should contact the equity loan provider 'Places for People' as they have a mortgage advisor who should be able to help or at least clarify your options. When I spoke to him some time ago he did say that there is a VERY small pool of lenders who will now deal with equity loan properties.
  It does appear that most of us may be stuck on variable rates until our mortgage term ends or until we sell up! Good luck!
  P.S. dont forget to feedback any revelations to the rest of us!
• I was wondering if you found a new mortgage provider in the end? I am in the same position - about to come out of my fix with Co-Op, and when I spoke to them they were quite open and said they want my mortgage off their books - in fact they would wave any fees or penalties to go before the end of my fixed term if I found another deal! Really pleased to be treated so well after 5 years of unblemished payment history with them. Anyway, I am looking around but struggling to find a lender .. Natwest and Nationwide may be able to help, but I am waiting for appointments with them. Any other pointers?