I bought an apartment 3 years ago through property path in sdcc and I've recently been told if i change the mortgage provider i was told to go to by sdcc, (ebs or boi), i will effectivley be "buying out" the council's clawback.
The councils clawback will be zero as the appartment is in negative equity.
This now means i can rent out the appartment as sdcc has nothing to do with it any more.
Is this true? or just too good to be true?!
This seems to make sense because in the boom times if you wanted to move mortgage provider, you had to pay the relevent clawback as sdcc looked upon this as selling your apartment.
The councils clawback will be zero as the appartment is in negative equity.
This now means i can rent out the appartment as sdcc has nothing to do with it any more.
Is this true? or just too good to be true?!
This seems to make sense because in the boom times if you wanted to move mortgage provider, you had to pay the relevent clawback as sdcc looked upon this as selling your apartment.