Hi,
I am looking for some advise regarding our situation.
We currently have a shared ownership flat which we purchased in May 2008 for £175k. We have a 30% share (£52500) with a 25yr shared ownership repayment mortgage with Kent Reliance at 6.45% which the fixed rate ends May returning to 1.75%. We understand the value of the flats are £145K and our mortgage is currently £48K when I phoned them today to find out what happens in May.
I am presuming if we sold the flat we would owe £4500 (based on £43500-£48000) or would the mortgage company give us a revised figure if we are selling? Also, what are the normal figures for working out the amount mortgage lenders would lend you from salaries?
Thanks :)
I am looking for some advise regarding our situation.
We currently have a shared ownership flat which we purchased in May 2008 for £175k. We have a 30% share (£52500) with a 25yr shared ownership repayment mortgage with Kent Reliance at 6.45% which the fixed rate ends May returning to 1.75%. We understand the value of the flats are £145K and our mortgage is currently £48K when I phoned them today to find out what happens in May.
I am presuming if we sold the flat we would owe £4500 (based on £43500-£48000) or would the mortgage company give us a revised figure if we are selling? Also, what are the normal figures for working out the amount mortgage lenders would lend you from salaries?
Thanks :)