We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Shared equity transferred.
Don13
Posts: 1 Newbie
Hi,
Looking for some advice regarding the shared equity part of my mortgage. I recently received a letter saying the shared equity mortgage was transferred by my builder to a credit company. I am looking to pay off the shared equity before the 5 year period where interest kicks in (2 months away) but now have to go through the process of the new company. Under the house builder agreement they would arrange 2 valuations and give us a settlement figure based on an average amount. The new credit company are telling me that I now have to arrange 3 valuations my self (at a cost to me.)
They've also said that the valuations need to be carried out by RIC approved companies. What I would like to know is whether the new company have any obligation to follow the agreement that we had with the house builder? or do I have no choice in the matter.
Looking for some advice regarding the shared equity part of my mortgage. I recently received a letter saying the shared equity mortgage was transferred by my builder to a credit company. I am looking to pay off the shared equity before the 5 year period where interest kicks in (2 months away) but now have to go through the process of the new company. Under the house builder agreement they would arrange 2 valuations and give us a settlement figure based on an average amount. The new credit company are telling me that I now have to arrange 3 valuations my self (at a cost to me.)
They've also said that the valuations need to be carried out by RIC approved companies. What I would like to know is whether the new company have any obligation to follow the agreement that we had with the house builder? or do I have no choice in the matter.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards