Back in 2007 we really needed to get a secure house after several very bad rented experiences. We didn't have a deposit so we opted for a scheme with barrat homes where they lent 25% and we got a normal mortgage for 75%/from the Halifax.
We knew at the time that after 10 years we would need to pay back the 25% but were assured by several people that it would increase in value and so could just remortgage with the equity to pay this off.
Fast forward 8 years and the house is now worth 80k less than we paid and we have no equity in the property.
Now where this gets dodgy is barret homes legal stuff say we either have to pay back the original sum borrowed or 25% of the current value, whatever is higher! So they win either way if it goes up or down.
Aibu to think this is very shady practice and I should take legal advice?
Please or to access all these features
Please
or
to access all these features
AIBU?
to take legal action over barrat homes "dream home" scheme that has screwed up my life
268 replies
twojobsjane · 25/04/2015 09:27
OP posts:
CallMeNancy ·
25/04/2015 09:31
This reply has been deleted
Message withdrawn at poster's request.
Don’t want to miss threads like this?
Weekly
Sign up to our weekly round up and get all the best threads sent straight to your inbox!
Log in to update your newsletter preferences.
You've subscribed!
Please create an account
To comment on this thread you need to create a Mumsnet account.