Help! Mortgage loan advice

Sunshinebabe4life

In 2011 we took a jumpstart loan from Bovis homes to buy our current property. We borrowed £38k and it was a shared equity loan where they would take 15% of the equity in the property at point of sale or when you wanted to pay it.

Recently, the loan has been taken over by Hampton Mortgages and yesterday I received an annual statement from them with further information stating that should we wish to repay the loan then the redemption figure would be 25% of the value of the property.

We were given a redemption figure from bovis last year of £50k and assuming our property is worth the same as it was then, under this new percentage that has been given by Hampton, we would now owe £60k!

This was not what we signed up for with Bovis, surely they can’t just change the terms of the loan like that?
Any thoughts or advice would be appreciated

fatbelly

Show them a copy of the original paperwork.


Maybe ask them for an actual redemption figure

Sunshinebabe4life

Thanks I!!!8217;m going to call them tomorrow. It!!!8217;s really stressing me out.
The 50k was the redemption figure given by bovis based on the equity I had in the property last year.
So we bought the property for £160k it was valued at £240k so 15% of the £80k equity plus the £38k equalled the £50k

foxy-stoat

Are you just about to sell or move? If not then I wouldnt get too stressed at the moment - its probably a standard incorrectly worded letter that everyone in your position has received.