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Ownhome scheme couple of questions
Mathrin
Posts: 2 Newbie
Hello everyone,
I am thinking about applying for the ownhome scheme and I am just trying to get my head around all the Pros and Cons so I can make the best decision.
Does anyone know if they make you take out the maximum mortgage the Co-op will lend you or if you can choose the amount you take out a mortage for?
Because it seems strange that they would do this as it obviously means that you end up being mortaged upto your eyeballs! But i've seen a few posts and comments that suggest this is the case.
Apart from this query I do think its a good scheme in principal.
Any help will be gratefully received.
I am thinking about applying for the ownhome scheme and I am just trying to get my head around all the Pros and Cons so I can make the best decision.
Does anyone know if they make you take out the maximum mortgage the Co-op will lend you or if you can choose the amount you take out a mortage for?
Because it seems strange that they would do this as it obviously means that you end up being mortaged upto your eyeballs! But i've seen a few posts and comments that suggest this is the case.
Apart from this query I do think its a good scheme in principal.
Any help will be gratefully received.
0
Comments
-
Hello everyone,
I am thinking about applying for the ownhome scheme and I am just trying to get my head around all the Pros and Cons so I can make the best decision.
Does anyone know if they make you take out the maximum mortgage the Co-op will lend you or if you can choose the amount you take out a mortage for?
Because it seems strange that they would do this as it obviously means that you end up being mortaged upto your eyeballs! But i've seen a few posts and comments that suggest this is the case.
Apart from this query I do think its a good scheme in principal.
Any help will be gratefully received.
we had a minimum and a maximum mortgage we could take out. You then balance the equity loan to the nearest 5% between 20-40% to somewhere within you mortgage range.
example
minimum mortgage 92,000
maximum mortgage 113,000
house price 150,000
75/25 split = 112,500/37,500
65/35 split = 97.500/52,5000
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