=i bought a council flat on intrest only for ten years , thinking it would be paid in full by the time my morg?

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  • =i bought a council flat on intrest only for ten years , thinking it would be paid in full by the time my morg?


Answer #1 | 23/12 2013 05:43
you can go on the housing list but the only issue you'd have would be being placed in a lower priority band as any profit you make from increase in the value of your home since your mortgage was taken out will be taken into consideration. so if your mortgage was for £150,000 on an interest only basis, and your house sells at £175,000 you pay back the £150,000 to the mortgage company and have £25,000 to play with.... if you have any amount of money which would likely cover the first months rent, deposit and fees for a property the council deem is adequate size for you and your dependants they will be reluctant to home you in a council property, but they will provide support with housing benefit if needed or if you are unable to afford deposit but can afford one months rent they are more frequently offering a deposit guaratnee scheme by which they pay your deposit provided the property you find is within their financial guidlines usually around ; 1 bedroom £425 2 bedroom £550 3 bedroom £640.
Answer #2 | 23/12 2013 23:39
You'll be deemed to have made yourself intentionally homeless as you agreed to the terms when you decide to buy the house. You'll have no housing need, so, you wont be rehoused, go to Citizens Advice and get some help...there may be a way to get help with the mortgage. Your former partnermay well have a claim on the property so...any money that you make from the sale may have to go to him.
Answer #3 | 24/12 2013 00:14
Why not look for another io mortgage? I have to say it is difficult to see whether you will understand any of these answers if you managed to miss the hidden complexity if the words "interest only" and the countless lines of text explaining that at the end of the mortgage you would need to pay the capital sum. But still there's a healthy chance you will have made enough money to find a private rental for a while. If you run out of money on that in some time in the future I think you'll be eligible

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