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Bigger Share or Pay More Off????
Sir_Peter
Posts: 37 Forumite
Question for you experts!!
I am in a shared ownership appartment, we purchsed 25% share two yeras ago on a £208K property. We like the property and the location and find now we are in a position to either purchase an additional 25-50% of the property, or should be just concerntrate on the amount we have outstanding and pay this off as soon as we can by increasing the repayments??
Not sure which would work out better for us??
Thanks
I am in a shared ownership appartment, we purchsed 25% share two yeras ago on a £208K property. We like the property and the location and find now we are in a position to either purchase an additional 25-50% of the property, or should be just concerntrate on the amount we have outstanding and pay this off as soon as we can by increasing the repayments??
Not sure which would work out better for us??
Thanks
Want to be Mortgage Free ASAP
January 2007 -£224566.75
NOW-£221322.45
NOW-£221322.45
Saving £2 Total Now £240
Now is 24th January 2008
0
Comments
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If it were me I'd certainly be looking to increase my share. Some doom-mongers may say otherwise.
It sounds as if you are going to be happy living in this property for some time yet. The bigger stake you have in the house the less rent you will be paying to the housing association, which can go towards the mortgage.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0
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