What's the best way round to do this..

gabyjane

ok assuming our house has lost value which is hard to tell where we live by guessing we have different options..we are S/O and are wondering what is the best way to buy another 10%

pay £1500 deposit if house lost value and therefore own another 10% makes mortage £100 per month more but rent less..around £550ish a month

leave it and overpay mortgage for the time being until house goes back up to what we bought or more

wait and when house goes up or balances out in value pay the extra 10% off each with no deposit to pay?

thanks for replies

dimbo61

Your post is very confusing !!
You own with a mortgage a property which may or may not be in negative equity YES
Its a debt the mortgage and if you have the funds to overpay each month/year and you are allowed then do so as you are reducing your debts and building up the equity in your home.
You dont say what kind of deal you are on , which lender, LTV, deposit paid etc.
What do you mean by S/O ????

~Beanie~

I think S/O means shared ownership, therefore the OP owns a percentage of the house which they pay a mortgage on and they pay rent on the rest.

gabyjane

Hi sorry for the no reply have been without a pc for a while! yes i did mean shared ownership. We have no idea what the situation with the house price is tbh and was just wondering if overpaying is the best option..
we are on a fixed deal which ends aug 2010 and it is currently at the 6% mark..we paid a £150 deposit.