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Shared appreciation mortgage
Spoonhead88
Posts: 113 Forumite
Hello,
This might not be the correct place for this post so if its needs moving let me know.
a few days ago i learnt of shared appreciation mortgage from reading the news. There seems to be a lot of people who say they are victims and this type of mortgage is a scandal.
From what i have read you could take one of these out for 25% of the price of the house and you wouldn't have to make any payments until you sold the house or died and only if the house went up price.
To me this seems like a fantastic deal as house prices can go up and down. I don't understand how anyone could see them as a bad thing.
One of the examples was a guy who is in his 80s and wanted to downsize if he sold his house he would only end up with 100k.
can anyone explain to me if i am missing something?
This might not be the correct place for this post so if its needs moving let me know.
a few days ago i learnt of shared appreciation mortgage from reading the news. There seems to be a lot of people who say they are victims and this type of mortgage is a scandal.
From what i have read you could take one of these out for 25% of the price of the house and you wouldn't have to make any payments until you sold the house or died and only if the house went up price.
To me this seems like a fantastic deal as house prices can go up and down. I don't understand how anyone could see them as a bad thing.
One of the examples was a guy who is in his 80s and wanted to downsize if he sold his house he would only end up with 100k.
can anyone explain to me if i am missing something?
DMP - JAN 2016
[STRIKE]Estimated DFD - August 2018[/STRIKE] December 2016
100% Paid
[STRIKE]Estimated DFD - August 2018[/STRIKE] December 2016
100% Paid
0
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