Shared ownership - selling my half

zzzLazyDaisy

dorset_nurse wrote: »

In my situation I would <snip>pay off my part of the mortgage and either let my room or sit and wait for prices to come up again to sell then.
But the OP may not have the finances to be able to do this.

I am sorry if this sounds pedantic, but while OP can, if he wishes, pay off half the mortgage debt (although if he has access to that amount of ready cash, I doubt he'd be arguing over £4k). But he would still be jointly and severally liable for the whole of the remaining balance of the debt. So all he would have achieved is to tie up lots of his savings, and still not be free of the mortgage.

dorset_nurse

Personal insults again?!

Obviously you have been assuming things again and resorting to insults to mask your mistakes/assumptions.
Read the thread again and you will see that I wrote "thats your way of thinking..." after the comment. I'm not going to explain exactly what was meant by that and which of your posts I was referring to if you can't work it out yourself.

This thread isn't about you.
No-one cares how many mortgages you had, or if you want to put money into your LL's pocket. Get over yourself!

dorset_nurse

zzzLazyDaisy wrote: »

I am sorry if this sounds pedantic, but while OP can, if he wishes, pay off half the mortgage debt (although if he has access to that amount of ready cash, I doubt he'd be arguing over £4k). But he would still be jointly and severally liable for the whole of the remaining balance of the debt. So all he would have achieved is to tie up lots of his savings, and still not be free of the mortgage.

I started my post with "in my situation", meaning thats what I would do in my current situation.
I would rather my savings be in a property than making no money because of the low interest rates and inflation as they are now.

zzzLazyDaisy

dorset_nurse wrote: »

I would rather my savings be in a property than making no money because of the low interest rates and inflation as they are now.

You would rather put liquid cash into a depreciating asset, to pay off half of the outstanding mortgage, thus ensuring that you can not get your hands on the money for many years to come - possibly decades - while at the same time reducing the outstanding mortgage payments for the other joint owner, yet still retaining responsibility for a mortgage on a house which you can't live in?

I am sure there is a logic in there... but I'm struggling to follow it....

In any case, while this thread has been a bit of light fantasy on a boring Sunday afternoon, the fact is that OP has made one post, has not returned, and in all probability is an AE of another bored poster, trolling for want of anything better to do with his/her time (and ours).

I'm out

zappahey

dorset_nurse wrote: »

Jees, you guys really are bored aren't you?!

He has gained equity because he bought the house having none, and now has some. Its as simple as that. I'm not disputing the amount of equity has reduced since.

I really, really try not to get personal but you truly are clueless.