Re Mortgage rescuce another question
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win123
Posts: 80 Forumite
Dear Cab
Just wondering if you could kindly offer me some more advice - The Housing association asked me today further financial infor re the MRS scheme and they are going to send me the application forms out She said there were two options one where they purchase the house and I rent or the second one which she feels may me more suitable is where they will loan me 30% which willbrin my mortgage down to 65K she says we pay the mortgage and them nothing but should I sell the house they have their share back but I was that stressed on the phone I didnt quite understand - What do they mean pay when I sell the house - What happens if I dont sell and live their till I finally pass away - just not sure how I pay them back to 30% will that mean when I die that my son will sell my home and pay them back their share or do I have to sell up and pay them? sorry if I sound thick but just need some advice
Thanl you once again
Just wondering if you could kindly offer me some more advice - The Housing association asked me today further financial infor re the MRS scheme and they are going to send me the application forms out She said there were two options one where they purchase the house and I rent or the second one which she feels may me more suitable is where they will loan me 30% which willbrin my mortgage down to 65K she says we pay the mortgage and them nothing but should I sell the house they have their share back but I was that stressed on the phone I didnt quite understand - What do they mean pay when I sell the house - What happens if I dont sell and live their till I finally pass away - just not sure how I pay them back to 30% will that mean when I die that my son will sell my home and pay them back their share or do I have to sell up and pay them? sorry if I sound thick but just need some advice
Thanl you once again
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Comments
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Hi Win 123, thank you for your query re Mortgage Rescue Schemes
I would suggest before you make any decisisons that you get all the information and go through all the terms in detail. I believe this may be a shared equity scheme where the Housing Association buy part of your home to reduce the mortgage repayments to an affordable level and they will own a percentage which they will get back if and when you sell the house (they will not usually ask for a sale but wait until the house is sold by you or you die and it is sold by your executor). As they own a percentage of the property if the property goes up in value in the meantime they will receive a profit as will you which would not be a possibility in Mortgage Rescue situation. Your local Housing Association should be able to give you more information on this.
Hope this is of assistance.“Official CAB Representative
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Dear CAB
I would like to thank you and all your team for the advice you give to me and I am sure so many others on here as I do not know what I would do without it - Just would yet again like to say a big thank you for everything you and your team do a fantastic job xx:):):)
THANK YOU0
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