Shared Equity Mortgage Re Mortgage

Jamiebutch

Hi all my parents have split had have had a Shared Equity Mortgage them owning 70% and the Rural Housing trust owning the other 30% for the past 20 + years he has to remortgage to buy her out but is having huge trouble in doing so! This has been going on for over a year does anyine else have any tips or had trouble with this.

The bank have now agreed a mortgage but not the Housing association!:mad:

Any help would be great please Jamie

kingstreet

Until the second charge holder is prepared to grant the deed of postponement to permit the new mortgage lender to have a first charge, this is going nowhere.

The only option would be a further advance from the exiting lender, if even that is permitted under the shared equity agreement.

Jamiebutch

The housing association are the first charge but the mortgage company want to be the first.
In essence he is trapped in his mortgage until someone back down or he has to sell the property!