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Shared Ownership Scheme.
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Melcron
Posts: 1 Newbie
Hi all,
First of all if this is posted in a incorrect place pls point me in the correct direction. Thanks
After watching Martin talking on the TV about equity release I have become
somewhat confused and decidely worried.
The situation:
Six years ago both my wife and myself agreed to a deal with North British housing with whom we were a tennant. The agreement was that if we could obtain a mortgage they (NBH) would pay £10,000 towards the Sale Price on a different property. The idea behind this was to encourage those capable to buy their own homes and vacate the NBH home that was initially rented to us(Or so i believed at the time). We took the offer on board and obtained a mortgage for £45,000. I believe the contract with NBH states that if we come to sell the house it will be valued and we will pay a proportion of the sold for value back to NBH.
As soon as I am able I will be contacting a solicitor to explain exactly what this means. Something I only brushed over with them at the time. I was younger and a heck of a lot more naive:think:
My concerns:
Is this anything like equity release?
Are NBH or whoever they may sell this debt on to likely to take a huge chunk of our money on selling the propery?
What, if any, terms and conditions should i be looking for in the contract that
should raise alarm bells?
If anyone has any experiences with these schemes please advise.....
Thanks
Worried in Fleetwood
First of all if this is posted in a incorrect place pls point me in the correct direction. Thanks

After watching Martin talking on the TV about equity release I have become
somewhat confused and decidely worried.
The situation:
Six years ago both my wife and myself agreed to a deal with North British housing with whom we were a tennant. The agreement was that if we could obtain a mortgage they (NBH) would pay £10,000 towards the Sale Price on a different property. The idea behind this was to encourage those capable to buy their own homes and vacate the NBH home that was initially rented to us(Or so i believed at the time). We took the offer on board and obtained a mortgage for £45,000. I believe the contract with NBH states that if we come to sell the house it will be valued and we will pay a proportion of the sold for value back to NBH.
As soon as I am able I will be contacting a solicitor to explain exactly what this means. Something I only brushed over with them at the time. I was younger and a heck of a lot more naive:think:
My concerns:
Is this anything like equity release?
Are NBH or whoever they may sell this debt on to likely to take a huge chunk of our money on selling the propery?
What, if any, terms and conditions should i be looking for in the contract that
should raise alarm bells?
If anyone has any experiences with these schemes please advise.....
Thanks
Worried in Fleetwood

0
Comments
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basically they own a portion of your house, that they paid for at outset (say 25%). When you sell up you will then repay them 25% of the sale price although there is usually an option for you to buy back this share in the interim.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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