Help! Mortgage loan advice

Sunshinebabe4life · 12 August 2018 at 6:33AM

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 · 12 August 2018 at 6:41AM

Show them a copy of the original paperwork.

Maybe ask them for an actual redemption figure

Sunshinebabe4life · 12 August 2018 at 7:31AM

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 · 13 August 2018 at 8:59AM

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.

Help! Mortgage loan advice

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