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Repaying shared equity - time's up!
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Foxface_2
Posts: 1 Newbie
Hi y'all
My first post...
10 years ago, we took on a shared equity mortgage - 25% of the house's value to be paid after 10 years (now!). The debt has been moved on at least once and now resides with Phoenix shared equity and managed by Hampton Mortgage Servicing. I've negotiated a lower amount to repay, which is reflective of a drop in the house's value but Hampton's have told me that "There are reasonable fees on redemption, these will be £150 + VAT and are payable to Hampton Mortgage Servicing Limited".
I can't find anything agreeing to paying this nor remember this at the time but as it was 10 years ago, it's not surprising. There's also solicitor fees to pay (and daily interest charges as I think I'm going to be late getting this sorted) so I'm concerned about the costs of this all mounting up. Does anyone have any experience of this? My concern is whether the redemption fee is right or if anyone has challenged this before. This is the first time Hampton's have mentioned the fee.
Any advice gratefully received- thank you
My first post...
10 years ago, we took on a shared equity mortgage - 25% of the house's value to be paid after 10 years (now!). The debt has been moved on at least once and now resides with Phoenix shared equity and managed by Hampton Mortgage Servicing. I've negotiated a lower amount to repay, which is reflective of a drop in the house's value but Hampton's have told me that "There are reasonable fees on redemption, these will be £150 + VAT and are payable to Hampton Mortgage Servicing Limited".
I can't find anything agreeing to paying this nor remember this at the time but as it was 10 years ago, it's not surprising. There's also solicitor fees to pay (and daily interest charges as I think I'm going to be late getting this sorted) so I'm concerned about the costs of this all mounting up. Does anyone have any experience of this? My concern is whether the redemption fee is right or if anyone has challenged this before. This is the first time Hampton's have mentioned the fee.
Any advice gratefully received- thank you
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