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Original poster

Second time buyer question

8 replies

atay27 · 09/06/2024 13:41

Hello

I bought my shared ownership house in 2019. Full price was 170K and I took out 25% at £42,500

I paid a 5% deposit at £2,125 and mortgage repayments so far are £2,647

My house has been valued at 230K so my share at 57.5K

Am I right in thinking I'll have 15K plus my 5% deposit (£2,125) plus my mortgage repayments (£2,647) as my equity?

That totals £4,787 so £19,787 total equity as a deposit for a new house?

I'm so confused by this haha so thanks for reading!

OP posts:
Harrysmummy246 · 09/06/2024 13:43

No, because at least part of your mortgage payments go towards interest.
And are you likely to get a mortgage offer for somewhere else now interest rates are so much higher?

fruitbrewhaha · 09/06/2024 13:46

You need to get a statement from your mortgage provider. They should send you one each year showing how much is left of the loan and how much capital vs interest.

Original poster
atay27 · 09/06/2024 13:52

Harrysmummy246 · 09/06/2024 13:43

No, because at least part of your mortgage payments go towards interest.
And are you likely to get a mortgage offer for somewhere else now interest rates are so much higher?

Sorry, that's how much has come off my mortgage. Excluding my deposit my mortgage was £40,375 and it's now at £30,728.

OP posts:
Original poster
atay27 · 09/06/2024 13:52

fruitbrewhaha · 09/06/2024 13:46

You need to get a statement from your mortgage provider. They should send you one each year showing how much is left of the loan and how much capital vs interest.

37,728 I meant! Ahh lol.

OP posts:
Original poster
atay27 · 09/06/2024 13:53

Harrysmummy246 · 09/06/2024 13:43

No, because at least part of your mortgage payments go towards interest.
And are you likely to get a mortgage offer for somewhere else now interest rates are so much higher?

£37,728 I meant! Ahh lol!

OP posts:
Original poster
atay27 · 09/06/2024 13:54

fruitbrewhaha · 09/06/2024 13:46

You need to get a statement from your mortgage provider. They should send you one each year showing how much is left of the loan and how much capital vs interest.

Sorry, I don't often use mumsnet so I'm replying to all the wrong comments lol. I'll get a statement. Thank you

OP posts:
durundundun · 09/06/2024 14:09

So you took 25% PLUS the 5% deposit? So £44.625?

Original poster
atay27 · 09/06/2024 14:33

durundundun · 09/06/2024 14:09

So you took 25% PLUS the 5% deposit? So £44.625?

No sorry i paid the 5% deposit myself and then the mortgage was £40.375

OP posts:
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