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OK you lovely lot in my phone I need a little advice so 9 years ago we took out a shared equity and it nearly time to pay back. Has anyone in this group done this before did you sell house to pay back or take out a loan. We think best selling to get some money back and go for a older house with less years mortgage. We were young a daft and not really looked into deeper.

Ann1984

over a year ago

What do you think of this?+20 points

TheChimpover a year ago

I think you need to see a financial advisor about this.

Reply2

Ann1984over a year ago

TheChimp thank you will need to

sunny101over a year ago

You need some professional advice, Ann - you could always look on the Money Saving Expert website and see if this topic has been answered before. Just googling your main text brought this up so worth a read about the problems of selling.

https://hoa.org.uk/advice/guides-for-homeowners/i-am-buying/shared-ownership-what-to-watch-out-for/

This one from MSE

https://www.moneysavingexpert.com/mortgages/help-to-buy-equity-loans/

Reply1

Ann1984over a year ago

angemski thank you if we were to remortgage that all depends on income of course with loss hours in work we likely not get now so selling may only be but what we didn't know at time was that if house price increases whice it has by nearly 30,000 that they won't 20 percent of the roof value not what we borrowed. I will never do a similar scheme again

sunny101over a year ago

Ann1984 I think a lot of people fell for the chance to get on the property ladder, regardless of the negatives. I sometimes wonder if this will be an issue raised in the future because of it's pitfalls and unfairness like PPI. Hope you get some good advice.

Reply1

Ann1984over a year ago

angemski yeah because after first 5 years we had to start paying interest whice is 150 a month on top of mortgage

sunny101over a year ago

Ann1984 Ouch! That has to make life hard.