Hi, I bought a shared ownership property in 2007 , it is a 50% share on a house valued at the time of £138000. My mortgage is £59000. I am now married and my husband and I wish to get a joint mortgage and buy a house together. How does this work can I transfer my mortgage and add his amount to it or do I have to wipe mine out and start again? He is a first time buyer ,does that mean we would be eligible for a first time buyer mortgage or not because I've already got one?
Also we are in negative equity with a drop of approx 20k. As its shared ownership that's 10k as the profits/losses are shared . Do you have to pay 10k to the bank immediately or do you add it onto your next mortgage?! I'm so confused, any help appreciated .
Also we are in negative equity with a drop of approx 20k. As its shared ownership that's 10k as the profits/losses are shared . Do you have to pay 10k to the bank immediately or do you add it onto your next mortgage?! I'm so confused, any help appreciated .