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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.
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