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House Question!
bubblyboo
Posts: 5 Forumite
Hello, hoping you can help me!
My husband was declared BR in April 2009 and discharged a year later.
We currently live in a 50% shared ownership property. Our outstanding mortgage is £50k and we have a secured loan of £12k. Our house is roughly worth (an estimate, not an official valuation) £160k, 50% of that being ours = £80k. Taking off our mortgage and secured loan leaves £18k. My husband's BI is £9k (is that correct?!)
I am a housewife, I have 2 children and I don't have the means to buy my husband's BI. I really don't think I will be able to get a loan or remortgage to get it either.
We are able to continue to pay our mortgage etc and I want to keep living here. My eldest son has just started school etc and I want to keep living in our family home.
My questions for you super helpers are:
1. With the 3 years running out in April, how likely is it that the OR will not do anything between now & then & therefore it be automatically revested to my husband?
2. Is it worth us not contacting the OR between now & then so we don't remind him of our case!
3. As I can't raise the £9k needed, will they likely force a sale of our house? Obviously I really don't want this as it will only leave us with £9k to then put as a deposit on another house & I won't be able to get a mortgage = homeless - aarrgghhh!!
4. Is there anything else they can do?!
Thank you all so much for your help, I really appreciate it. I'm obviously quite worried, so any help will really help to put my mind to rest!
Bubblyboo
My husband was declared BR in April 2009 and discharged a year later.
We currently live in a 50% shared ownership property. Our outstanding mortgage is £50k and we have a secured loan of £12k. Our house is roughly worth (an estimate, not an official valuation) £160k, 50% of that being ours = £80k. Taking off our mortgage and secured loan leaves £18k. My husband's BI is £9k (is that correct?!)
I am a housewife, I have 2 children and I don't have the means to buy my husband's BI. I really don't think I will be able to get a loan or remortgage to get it either.
We are able to continue to pay our mortgage etc and I want to keep living here. My eldest son has just started school etc and I want to keep living in our family home.
My questions for you super helpers are:
1. With the 3 years running out in April, how likely is it that the OR will not do anything between now & then & therefore it be automatically revested to my husband?
2. Is it worth us not contacting the OR between now & then so we don't remind him of our case!
3. As I can't raise the £9k needed, will they likely force a sale of our house? Obviously I really don't want this as it will only leave us with £9k to then put as a deposit on another house & I won't be able to get a mortgage = homeless - aarrgghhh!!
4. Is there anything else they can do?!
Thank you all so much for your help, I really appreciate it. I'm obviously quite worried, so any help will really help to put my mind to rest!
Bubblyboo
0
Comments
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Bump as in a similar situation myself0
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1. Unlikely but not impossible
2. Yes
3. Not sure, with a poor valuation they may be happy to put a charging order on the house and wait.
4. See 3.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
I think the way things have been tightened up recently that nothing happening and the property reverting back to your husband is unikely. I recently read some new guidance on this and there are certain limits on the equity which decides what action they take. Maybe worth a visit to someone for an update on this subject now.0
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