Censeo Exclusive – New Shared Ownership Mortgage Lender

Censeo Financial is pleased to announce an exclusive Shared Ownership mortgage product from Together:

95% Loan to Value – 2-year Fixed Rate – 5.49%

Together have been trading for over 40 years and have often been described as a ‘specialist lender’.

They prefer to think that everyone can benefit from their common-sense approach to mortgages, meaning they look beyond the ‘tick box criteria’ of the high street lenders. They look at each application on an individual basis, which enables them to lend when other lenders will not.

Clients which can benefit from the flexible underwriting available are:

• Freelance workers
• Self-employed
• Non-perfect credit history
• High-rise flat purchases (above six floors)

Here is a typical case study of Together providing a mortgage for a client who was prepared to walk away from purchasing a home due to the high street not being able to lend.

• Mr Smith was seeking 95% of the share of a new build flat situated on the 10^thfloor of a tower block.
• He had worked on a zero-hour contract for the last 6 months
• He had a low credit score and mobile phone default of £300, due to a dispute
• Several lenders were unable to lend as the building had more than 6 floors
• The case passed affordability with all high street lenders but was unable to pass their automated credit scores due to credit history and score

Together were able to look at the application manually, consider the reason behind the mobile phone default and poor credit score. The employment history was checked and as Mr Smith had a strong track record, the zero-hour contract did not cause an issue.

They underwrote the application and the surveyor confirmed the development was suitable for lending. This enabled Mr Smith to move into his home within six weeks of viewing the property despite wasting two weeks trying to secure a lender on the high street.

Censeo now works with 20 mortgage lenders operating within the shared ownership market. We are expecting further lenders to enter the shared ownership market before the end of the year following ongoing discussions with a number of financial institutions.

Please do not hesitate to contact Rupi Hunjan or Anthony Hall on 0207 090 7290 if you would like to speak to us about any aspect of the mortgage market.