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Shared Ownership Need to Remortgage Soon and Worried
izoomzoom
Posts: 1,564 Forumite
Hiya
I know our fixed rate for our shared ownership house ends at the end of Sept and I am really worried.
We originally took out a 100% mortgage for our 50% share, and I have made slight overpayments for just over a year now, so that if the value of our house stayed the same, we would at least have paid off 5% (instead of about 3%) by Sept time, however, I am really worried that with the prices of housing falling this will have all been in vain .... How can I tell what value the BS is likely to put on my house ??
I am on maternity leave now too, so money is very very tight. My SMP runs out in July, although I do have a bit of money (just enough) to carry us through until early Sept when I plan on returning to work (3x childcare over summer holidays is madness) as well as say £1000 for the 'remortgage fees', I am worried really worried that we will be SEVERLEY limited in our remortgage options (as SO is so limiting) as well as the value of our house falling so that we have absolutely no equity whatsoever ... and then what we will be forced to go with our current lenders SVR ???
Anyone care to tell me how bad it is likely to really be ... as I am hoping my imagination is worse than reality (probably not ...) but you can hope can't you ???
G** have I even made any sense ?
I know our fixed rate for our shared ownership house ends at the end of Sept and I am really worried.
We originally took out a 100% mortgage for our 50% share, and I have made slight overpayments for just over a year now, so that if the value of our house stayed the same, we would at least have paid off 5% (instead of about 3%) by Sept time, however, I am really worried that with the prices of housing falling this will have all been in vain .... How can I tell what value the BS is likely to put on my house ??
I am on maternity leave now too, so money is very very tight. My SMP runs out in July, although I do have a bit of money (just enough) to carry us through until early Sept when I plan on returning to work (3x childcare over summer holidays is madness) as well as say £1000 for the 'remortgage fees', I am worried really worried that we will be SEVERLEY limited in our remortgage options (as SO is so limiting) as well as the value of our house falling so that we have absolutely no equity whatsoever ... and then what we will be forced to go with our current lenders SVR ???
Anyone care to tell me how bad it is likely to really be ... as I am hoping my imagination is worse than reality (probably not ...) but you can hope can't you ???
G** have I even made any sense ?
0
Comments
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As far as I know there are no deals above 95%, with 90% the norm now.0
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Oh dear, and my minimal savings won't stretch to another 5%.0
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I got a 95% shared ownership deal with Nationwide about 3 weeks ago, have you tried them?0
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Thats because direct deals are better with nationwide at the moment.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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As I say to everyone who is coming to the end of their current deal.
Have you asked your current lender what if anything they will offer you? This then gives you an idea of what you need to beat!
Who is your current lender?0 -
I thought Halifax would do 97% oif you moved your current account to them?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Only on their FTB range as I understand0
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As I say to everyone who is coming to the end of their current deal.
Have you asked your current lender what if anything they will offer you? This then gives you an idea of what you need to beat!
Who is your current lender?
Ipswich BS, and according to their website only doing .19% off their SVR for SO and I would have to pay a HLC too (which I haven't been able to 'figure' out in my head yet) ...
We were on 5.75% fixed before ...
think the hlc =
assume house value 200K, our half 100K (assuming no change from purchase 18m ago)
we will need mortgage for 95K (95%) so pay £9.50/£100 for anything above 80K
= 1425 ????0
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