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Bovis Jumpstart: Shared Equity loan
mobileuser
Posts: 63 Forumite
Hi Guys,
I'm wondering if you might be able to offer me some advice. In December 2010 I bought a Bovis property for £189,950 with a 5% deposit(£9750) and a Bovis 15% jumpstart loan(£29,200).
to give me a mortgage of £151,000 dec 2010.
The jumpstart loan was to make buying a new home more affordable as you get 5 years interest-free and then start paying interest after 5 years. The loan is for 10 years and designed to give you enough time to either accrue equity in the house or save up to pay it off.
So my current mortgage deal has come to an end. I'm unsure if it would be best to remortgage now or wait till the 10 years is up? The price of the house has gone up and is currently worth about £240,000 so there is equity to remortgage. I'm not sure of the direction of house prices are going etc.. and would welcome people's opinion.
Also I would welcome any tips that would help in this matter.
Many Thanks,
I'm wondering if you might be able to offer me some advice. In December 2010 I bought a Bovis property for £189,950 with a 5% deposit(£9750) and a Bovis 15% jumpstart loan(£29,200).
to give me a mortgage of £151,000 dec 2010.
The jumpstart loan was to make buying a new home more affordable as you get 5 years interest-free and then start paying interest after 5 years. The loan is for 10 years and designed to give you enough time to either accrue equity in the house or save up to pay it off.
So my current mortgage deal has come to an end. I'm unsure if it would be best to remortgage now or wait till the 10 years is up? The price of the house has gone up and is currently worth about £240,000 so there is equity to remortgage. I'm not sure of the direction of house prices are going etc.. and would welcome people's opinion.
Also I would welcome any tips that would help in this matter.
Many Thanks,
0
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