Help and advice Sought

kylewire87

I am currently 50/50 on a FTB scheme owning a 2 bed apartment in Warrington Cheshire.
The value of the apartment when first built and sold to me 5 years ago in May was £127,950 I went 50/50 and put down £10k cash deposit. Therefor i had a mortgage for £54k.
With regards to the other 50% that the housing/government own i have to pay a rent of £120 per month which in May will raise to £180 per month.

The current value of the property is now in the region of £66k so as you can see the price has amost halved in 5 years. My 5yr fixed term mortgage for the £54k will also be up so hopefully that would bring my mortgage payments down a bit with the current rates.

I am entitled to own upto 95% of the property so what i would like to know is do you think i should look at buying the rest of the property now.
Instead of wasting £180 a month on rent that could be towards buying the other 45%.

Also how would i go about this? would i increase my current mortage and ask for a meeting with them?

I hope you understand me and all help would be great.

Regards
Kyle

UsernameAlreadyExists

Yes, I understood you. Yes, I too would be looking at buying up the rest of the 45% now. (I am moving myself, so I'd be a hypocrite to say otherwise). ... and I am impressed you're looking at capitalizing on the situation rather than b1tching that you've "lost" 50% of your investment. Kudos to you for that, and if you can afford to go all in (or nearly all) then do it.

Without details of your current mortgage provider it'll be difficult to make any suggestions with regard to increasing or switching.

getmore4less

There is no way you could get a loan for this.

value £66k 45% £29700 + costs

Current mortgage was £54k what is it now £45k+ probably closer to £48k

That would need £75k-£78k ish not going to happen on a value of £66k


you are going to need to find cash.

£180pm on £33k is 6.5% so quite expensive, when it was on £54k it was a more reasonable 4%