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Shared Ownership Mortgages - Advice
Desperate_Dan_3
Posts: 134 Forumite
Bare with me as this maybe a long post, but I am after some advice regarding my Shared Ownership mortgage I hold with Abbey.
We borrowed £87,500 for a 47% share in our house we bought 2 and half years ago. The local council own the other 53%. We had a deposit of £30,000 to put down. Our repayments were £490 a month for a 2 year fixd rate.
We now pay £630 a month (variable interest rate) as this rate has ended and I haven't yet sorted a new fixed rate!
We have around £30,000 of debt elsewhere that I was hoping I could borow from equity in the house we have. However when I called Abbey afew months ago I was told I can't borrow on equity on the house?
Can anyone advise me on a mortgage firm that may be able to help me put my other debt into the equity in our 47% share of the house?
We borrowed £87,500 for a 47% share in our house we bought 2 and half years ago. The local council own the other 53%. We had a deposit of £30,000 to put down. Our repayments were £490 a month for a 2 year fixd rate.
We now pay £630 a month (variable interest rate) as this rate has ended and I haven't yet sorted a new fixed rate!
We have around £30,000 of debt elsewhere that I was hoping I could borow from equity in the house we have. However when I called Abbey afew months ago I was told I can't borrow on equity on the house?
Can anyone advise me on a mortgage firm that may be able to help me put my other debt into the equity in our 47% share of the house?
0
Comments
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Are you still within the pre emption period of your purchase? How long did the council stipulate you cannot sell the house for when you bought it?I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Sorry, can you explain pre-emption? I beleive there is no clause as to when we can sell the house. We pay a rent of £61 a month the councils 53% if that helps at all?0
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