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Shared Ownership - Next Steps
abutler1986
Posts: 1 Newbie
Hi All,
I would like some advise from shared ownership people who have left the scheme to purchase a house outright.
I have been in a shared ownership scheme with my partner for 4 years now and just remortgaged for another fixed 3 years but after that we wish to move and outright purchase a house.
I would like to know how easy people have found it and what happens if you have quite a lot of equity? I don't really understand how this all works.
Our original value of the whole house was 185k we own 35% at this time.
The house is now worth 235k thus our share has of course increased and over the time our mortgage has gone down as we have paid some off etc.
When we sold the house, say at this current price of 235k of course 65% goes to housing association and 35% would pay off remainder of mortgage.. are we then left with the remaining cash or can we just automatically use this for a deposit on a new house and try to increase the current mortgage to cover the suspected new house?
Thanks,
Andrew
I would like some advise from shared ownership people who have left the scheme to purchase a house outright.
I have been in a shared ownership scheme with my partner for 4 years now and just remortgaged for another fixed 3 years but after that we wish to move and outright purchase a house.
I would like to know how easy people have found it and what happens if you have quite a lot of equity? I don't really understand how this all works.
Our original value of the whole house was 185k we own 35% at this time.
The house is now worth 235k thus our share has of course increased and over the time our mortgage has gone down as we have paid some off etc.
When we sold the house, say at this current price of 235k of course 65% goes to housing association and 35% would pay off remainder of mortgage.. are we then left with the remaining cash or can we just automatically use this for a deposit on a new house and try to increase the current mortgage to cover the suspected new house?
Thanks,
Andrew
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