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  • Similar to the massive mortgage thread but not!
  • ashleydwsmith
    Free Member

    Currently live in a part on part rent through Thames valley housing association. However with two boys who are growing rapidly we need to move in the near future. We own 25% which we paid cash for. Now I’m not clued up at all as to how that works when we move on, I.e do I use the 25% stake against the new property?

    Would love to stay near to where we are bit as in the south possibly not doable as my salary is not enough to get a decent mortgage, but again this is where I get puzzled. If a house was 352k as an example would my 25% stake then mean that I would be getting a mortgage on 300k?

    Sorry but I’m a bit special.

    bails
    Full Member

    If a house was 352k as an example would my 25% stake then mean that I would be getting a mortgage on 300k?

    That depends on what 25% of your current house is worth.

    If your current house is worth £200k then 25% is £50k. So if your next house cost £325k then you’d need a mortgage for (£325k-£50k)=£275k.

    That assumes that when you leave your current house you get ‘given’ the cash that represents the value of your share. I don’t know if that’s how it works.

    johndoh
    Free Member

    I would assume the Housing Association would have covered how it works in the documentation when you signed up?

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