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    • Sunshinebabe4life
    • By Sunshinebabe4life 12th Aug 18, 6:33 AM
    • 5Posts
    • 0Thanks
    Help! Mortgage loan advice
    • #1
    • 12th Aug 18, 6:33 AM
    Help! Mortgage loan advice 12th Aug 18 at 6:33 AM
    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 canít just change the terms of the loan like that?
    Any thoughts or advice would be appreciated
Page 1
    • fatbelly
    • By fatbelly 12th Aug 18, 6:41 AM
    • 13,352 Posts
    • 10,410 Thanks
    • #2
    • 12th Aug 18, 6:41 AM
    • #2
    • 12th Aug 18, 6:41 AM
    Show them a copy of the original paperwork.

    Maybe ask them for an actual redemption figure
    Last edited by fatbelly; 12-08-2018 at 12:28 PM.
    • Sunshinebabe4life
    • By Sunshinebabe4life 12th Aug 18, 7:31 AM
    • 5 Posts
    • 0 Thanks
    • #3
    • 12th Aug 18, 7:31 AM
    • #3
    • 12th Aug 18, 7:31 AM
    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
    Last edited by Sunshinebabe4life; 12-08-2018 at 7:35 AM. Reason: More info
    • foxy-stoat
    • By foxy-stoat 13th Aug 18, 8:59 AM
    • 3,591 Posts
    • 2,027 Thanks
    • #4
    • 13th Aug 18, 8:59 AM
    • #4
    • 13th Aug 18, 8:59 AM
    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.
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