Shared Equity Mortgage query

pirate26

Hi all. I have a mortgage query and after having spent over an hour on hold with my mortgage provider this morning without speaking to anyone I thought I'd try here!

My husband and I bought our new build in 2010 on an 80/20 split with our builder. We have a shared equity mortgage. We have recently paid off our loan from the builder. We would like to know - what's the process for changing our mortgage from a shared equity mortgage?

Our reason for changing is that we'd like to ask for a mortgage break during a period of maternity leave next year - as I understand it applying for this is not an option on a shared equity mortgage.

Thank you for any help.

kingstreet

There's no such thing as a shared equity mortgage.

You have a mortgage and you had a secured loan. Now you have a mortgage alone.

If you're with a lender which does not offer payment holidays, it doesn't offer payment holidays whether you had an equity loan, or not.

As lenders tend to allow payment holidays only to those who build up a "reserve" of overpayments, treating anything else as authorised arrears, I would try to avoid this.

If necessary, remortgage to a new lender on a new rate and borrow a few £k extra, using that to meet your maternity mortgage payments.