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Remortgaging on a shared equitity scheme
jane13
Posts: 9 Forumite
Hi all,
I bought my property in November 2007 (not the best time I know) and my fixed rate deal is nearing an end now so I am looking at what is around for options in regards to remortgaging and whether it is worth it. However I bought on a builders scheme where they own 255 of the property and my mortgage was based on 75% of the property minus my modest deposit. I am finding it hard to find out which mortgage providers will accept someone like myself for a possible remortgage. Assuming I am right in thinking the builders 25% does not affect my LTV I have approx 73% mortgage requirement due to the current climate. The builder does not claim their 25% share back until I sell the propery or in 2017 whichever is first. There is no rent associated with the builders share either.
Has anybody been in a similar position or know where I can get this information please. I wish to get the best deal so I can pay off more or save to buy out the 25% stake that is owned by the builders so by fixing now this may be more possible.
I look forward to hearing your experiences and advice
Thank you
I bought my property in November 2007 (not the best time I know) and my fixed rate deal is nearing an end now so I am looking at what is around for options in regards to remortgaging and whether it is worth it. However I bought on a builders scheme where they own 255 of the property and my mortgage was based on 75% of the property minus my modest deposit. I am finding it hard to find out which mortgage providers will accept someone like myself for a possible remortgage. Assuming I am right in thinking the builders 25% does not affect my LTV I have approx 73% mortgage requirement due to the current climate. The builder does not claim their 25% share back until I sell the propery or in 2017 whichever is first. There is no rent associated with the builders share either.
Has anybody been in a similar position or know where I can get this information please. I wish to get the best deal so I can pay off more or save to buy out the 25% stake that is owned by the builders so by fixing now this may be more possible.
I look forward to hearing your experiences and advice
Thank you
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