Home finder scheme

marc_lrfc

Hi,

I'm looking for advice on a home finder Scheme.

currently the Welsh government offer a scheme where a percentage is payed to new first time buyer and the percentage is then payed back within 25 years to my knowledge ? no interest or anything just that flat fee. so for instance  £10.000 lent and £10.000 payed back with in 25 years.

my situation is a bit different and I hope you can help me as its causing me a lot of concern.

In 1998 i had a similar scheme, and as you can imagine i have no recollection of any figures as i was just a young guy wanting his first home with a ex partner. 

I have contacted loval council and after a bit of digging they have found my records where i was given the then Homefinders scheme which was £8,000. 22% of the then house value.

initially i was in shock as i have no recollection of this but it was a long time ago and i did basically  have nothing to my name, where i am happy to pay this back, i am led to believe its not 8,000 but actually 22% of the current value of house. 

As you can imagine house prices have gone up and i have maintained and upgraded the house without any missed mortgage payments.

I have remortgaged over the years and made substantial home improvements (new roof,rendering,central heating, electrics to name just a few) the House is currently valued at 125,000 with a outstanding balance left of £25,580 on the mortgage. 

If i was to pay the ridiculous 22% of the current value £27.500 that would leave me with just £74.420 to find anther house as a now  50 year old which would be impossible and unable to get a mortgage.

surely this cant be right and is just daylight robbery by the local county council, who have just basically taken advantage of a then young persons disadvantage?

more so the scheme now by the Welsh government is nothing like that with the repayments and just asks for the same amount back.

this is causing me great stress as I'm looking at moving away from the area,  but now to have come across this is a great concern, when I've pay'ed a mortgage for 26 years it seems the only people benefitting are the council as they get a massive profit and I'm unable to move. 

God help if I had done an extension, converted attic. House value then 250.000 plus then council would have claimed 22% of this.

could you possibly advise on this please? surely this cant be right.

thank you