Shared Equity Mortgage Coming to an End - What to do Next?

poppy10_2

tleefox wrote: »

May be a stupid question, but a colleague of mine who found himself in a similar situation having been made redundant a while back bit the bullet and decided to rent his flat out as was, effectively without owning the property outright.

Risky business I know - what would be the consequences of such an action if caught, and what is the likelihood of that happening?

It's fraud, and could leave you liable to criminal prosecution.

In addition, you would be in breach of your mortgage terms and conditions, and theoretically the lender could call in the mortgage, requiring immediate repayment of the full amount or repossession, (although this never happens) or impose a financial penalty.
Your insurance would also be invalid.

anyway have a read through this thread

https://forums.moneysavingexpert.com/discussion/1377883