House bought through shared ownership scheme in 1998. Finished paying off our end of loan. Council sent statement few months ago staying mortgage end of shared ownership is paid but have 24000 left to pay in rental equity. House needs everything new. Major home improvements. House worth about 330,000. Would our best option be to refinance or take out a home improvements loan. At the moment we pay 320 per month. Which is amazing. We could A extend term or B increase monthly.
To add I'm 40. Husband 52. Only he works at moment ( 35k a year plus wfp 198 p/W) . 4 young dependants. I'm hoping to return to work in next 6 months He originally bought house. totally clueless. There's not one bit of paper here about agreement. This was before we were together. Married now. I've tried to contact council. Not much information provided. When rental equity pd is house totally paid for? I think given our ages that now is probably last chance to borrow against house to do home improvements. I need advice.
To add I'm 40. Husband 52. Only he works at moment ( 35k a year plus wfp 198 p/W) . 4 young dependants. I'm hoping to return to work in next 6 months He originally bought house. totally clueless. There's not one bit of paper here about agreement. This was before we were together. Married now. I've tried to contact council. Not much information provided. When rental equity pd is house totally paid for? I think given our ages that now is probably last chance to borrow against house to do home improvements. I need advice.