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Lift scheme/shared equity
xxsamxx
Posts: 17 Forumite
Hi
Looking for advice, my partner and I purchased a house nearly 4 years ago using the lift shared equity scheme.
We would like to move next year to a bigger property. Should we buy out the lift scheme now? Then be free to sell next year and not have to envolve them. We are in a fixed deal until 2021 so would need to pay a fee to exit next year if we move home. To finance the equity we need to buy back we would get a sub account on our mortgage and have that running along side out current mortgage but this would then therefore create an exit fee to leave that mortgage next year and buy a new property. I would like to buy them out now so if my house value keeps increasing we don’t lose as much profit. Or should we just wait till next year and sell our house to someone and pay back the lift scheme then? We can’t buy before then as the house we want isn’t built yet. We own 60% currently.
Anyone bought with the lift scheme? How likely are they to value the house at current market value obviously the more expensive they value it the more we have to pay back??
Thanks in advance
Looking for advice, my partner and I purchased a house nearly 4 years ago using the lift shared equity scheme.
We would like to move next year to a bigger property. Should we buy out the lift scheme now? Then be free to sell next year and not have to envolve them. We are in a fixed deal until 2021 so would need to pay a fee to exit next year if we move home. To finance the equity we need to buy back we would get a sub account on our mortgage and have that running along side out current mortgage but this would then therefore create an exit fee to leave that mortgage next year and buy a new property. I would like to buy them out now so if my house value keeps increasing we don’t lose as much profit. Or should we just wait till next year and sell our house to someone and pay back the lift scheme then? We can’t buy before then as the house we want isn’t built yet. We own 60% currently.
Anyone bought with the lift scheme? How likely are they to value the house at current market value obviously the more expensive they value it the more we have to pay back??
Thanks in advance
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