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Corsa Sport » Message Board » Off Day » House Day » Shared Ownership Mortgage... » Post Reply
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A2H GO |
posted on 20th Apr 11 at 10:37 |
I rang Halifax, they said we can only overpay by up to 10% of the balance each year, which for us is about £160 a month. We could do that and then put the other £150 in savings each month. | |
ed |
posted on 20th Apr 11 at 10:19 |
Bit late on answering because it seems you've figured out what to do. But I'd say your best option is to pay off as much of your current mortgage before you try and re-mortgage using an expensive product. That way when you come to move, you ought to have more equity in this property for use on the new place. | |
A2H GO |
posted on 19th Apr 11 at 12:32 |
Thank you CS, if ive done this right, you just saved me over £8000 in the next two years. | |
A2H GO |
posted on 18th Apr 11 at 21:30 |
Right I need to sit down and do the math properly and work out the total cost of buying the rest or carrying on as we are :thumbs: | |
Ian |
posted on 18th Apr 11 at 21:26 |
quote:Of course not. Project it forward to when you sell the house, it'll have a value and you'll subtract from that what you owe. Which if you've been spending money on fees and higher interest rates then you'll owe just as much as if you paid less interest and spent a bit on rent. You need to do the maths properly but mortgage and ownership costs a lot of money, and appears to be disproportionate against your current arrangements. | |
Chris |
posted on 18th Apr 11 at 21:21 |
If the house price drops does this effect the 75% owed? If so under value the house to lower the 75% buy out, but this will not be so helpful for reprice as the company will look at market gains on the price you got on the house. | |
A2H GO |
posted on 18th Apr 11 at 21:17 |
quote: Really!? I tought that having a full mortgage and actually have some of your payment come of the balance each month would be better than paying rent regardless of how much it cost? Would we be better paying the £3k we've got off the mortgage and then overpaying on the mortgage for the next few months instead whilst our interest rate is pretty low? | |
Ian |
posted on 18th Apr 11 at 20:12 |
So | |
John |
posted on 18th Apr 11 at 20:09 |
Just from reading on MSE, you'll need to be careful you don't get caught out. | |
A2H GO |
posted on 18th Apr 11 at 20:00 |
quote: Current rate on the 25% mortgaged is 4.69% 3 year fixed due to end in August next year, £400 to buy out and go with someone else. | |
A2H GO |
posted on 18th Apr 11 at 19:59 |
quote: Were assuming the house is still worth the same as we paid for it based on it being a new build and them still selling for the same price. We could be wrong though and without paying £315 for a valuation we won't know for sure. | |
Ian |
posted on 18th Apr 11 at 17:27 |
quote:So is fees and high interest rates. What is your current rate? | |
Ian |
posted on 18th Apr 11 at 17:26 |
Easiest thing to do is to make it look like you have 90% LTV even if you don't. Either borrow the money from elsewhere or over-value the house. | |
John |
posted on 18th Apr 11 at 17:07 |
Is that 92% LTV realistic? | |
A2H GO |
posted on 18th Apr 11 at 11:39 |
Cool. I've just paid my loan off on the car so that frees up a bit of extra money each month and finally paid my overdraft back so apart from the mortgage im debt free. | |
Ben G |
posted on 18th Apr 11 at 11:12 |
i would wait until you have enough for a 90% mortgage. | |
A2H GO |
posted on 18th Apr 11 at 10:54 |
quote: We asked all the questions before taking out the SO mortgage and made sure we got the responses in writing from the housing association as we were fully intending to go from 25% to 100% within 2 years of taking it out. | |
A2H GO |
posted on 18th Apr 11 at 10:53 |
quote: I supose we've paid the rent this long a few more months wont hurt. My heart is saying 90% but my head is saying just get it sorted now. :lol: [Edited on 18-04-2011 by A2H GO] | |
VrsTurbo |
posted on 18th Apr 11 at 10:45 |
If its with a Housing assiciation i would check your lease as you have to be there for a set period before you can buy the rest and in some cases can only step like 10% every 1 year. | |
James |
posted on 18th Apr 11 at 10:42 |
Save for 90%. I got 90% for 5.69% (best on the market) a few weeks ago with no arrangement fee and £250 cashback. | |
A2H GO |
posted on 18th Apr 11 at 10:38 |
Were currently on shared ownership with our house, we mortgaged 25% (with a 25% deposit) of the property 18 months ago and pay rent on the other 75%. This is obviously a lot cheaper than a full mortgage and tbh we've been using the spare money to buy things for the house, sort the garden and generally enjoy ourselves, holidays etc. |