Selling a shared owenership property

Bassmansam · 8 Jun 2021 at 12:22

Hi guys

Me and my gf have lived in a SO flat for 4 years now and are thinking about selling up to buy a house outright. I'm trying to work out how much of a deposit we would have for a to buy a new place upon selling, here are the details.

Property value 250k when purchased of which 40% is owned by us
roughly 5k deposit putdown and now about 20k paid off the mortgage
75k left to pay on mortgage
35 year term
in may we signed a 2 new 2 year fixed term deal at LTV 75%
3.89% initial rate
6.0% APR

Hope this helps

Bassmansam · 8 Jun 2021 at 12:28

Greebo said:
Not enough info. How long was your mortgage for and what interest rate have you been paying?

Is £250k the value of the property when you bought it or now?

You will get a shock about how little capital you have paid off.

35 year term, we have been doing 2 year fixed terms and its currently at 4.59%, hope that helps.

Bassmansam · 8 Jun 2021 at 12:50

I have updated the OP with more info as requested.

Bassmansam · 8 Jun 2021 at 13:48

Jono8 said:
Isnt this quite basic?

look into what value you expect to sell at/what it is worth now. take 40% of that. Then take away the outstanding mortgage from that. That will be your equity.

I thought it might be but wasn’t sure of any extra costs or whatever.