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    • Jamiebutch
    • By Jamiebutch 11th Oct 17, 5:13 PM
    • 2Posts
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    Jamiebutch
    Shared Equity Mortgage Re Mortgage
    • #1
    • 11th Oct 17, 5:13 PM
    Shared Equity Mortgage Re Mortgage 11th Oct 17 at 5:13 PM
    Hi all my parents have split had have had a Shared Equity Mortgage them owning 70% and the Rural Housing trust owning the other 30% for the past 20 + years he has to remortgage to buy her out but is having huge trouble in doing so! This has been going on for over a year does anyine else have any tips or had trouble with this.

    The bank have now agreed a mortgage but not the Housing association!

    Any help would be great please Jamie
Page 1
    • kingstreet
    • By kingstreet 11th Oct 17, 5:17 PM
    • 32,075 Posts
    • 17,169 Thanks
    kingstreet
    • #2
    • 11th Oct 17, 5:17 PM
    • #2
    • 11th Oct 17, 5:17 PM
    Until the second charge holder is prepared to grant the deed of postponement to permit the new mortgage lender to have a first charge, this is going nowhere.

    The only option would be a further advance from the exiting lender, if even that is permitted under the shared equity agreement.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • Jamiebutch
    • By Jamiebutch 11th Oct 17, 5:23 PM
    • 2 Posts
    • 0 Thanks
    Jamiebutch
    • #3
    • 11th Oct 17, 5:23 PM
    • #3
    • 11th Oct 17, 5:23 PM
    The housing association are the first charge but the mortgage company want to be the first.
    In essence he is trapped in his mortgage until someone back down or he has to sell the property!
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