Shared Ownership monthly repayments.

[learnwell]

Shared Ownership monthly repayments to Co. Council (eg DLR) comprise 3 elements as follows:
1 Mortgage repayment (principal plus interest).
2 Rent on the portion owned by Council.
3 Mortgage Protection Insurance (expensive at .598%).

If a person can only afford a reduced monthly repayment--say half--what is the
order in which the repayment is applied to the above 3 elements?
Wonder would anyone have knowledge of this?

 

[gillarosa]

If they agree to reduce your repayments it would be due to rental figure being reduced, the best thing to do is make appointment to meet with them to discuss. They do like to cross all t's and dot all i's so have all your paperwork required and if you have negociated or even requested lower repayments for any other loan or contracts you have bring that along.

 

[Deelite]

We submit a p21 each year to council and our rental portion is decreased by 171 each month. We've been thinking of transferring to a full mortgage but I feel safer being with the DCC I mean they're never going to turf us out if we can't make payments (as we'll just end up needing to be housed).

 

[Brooklyn]

We've been thinking of transferring to a full mortgage but I feel safer being with the DCC I mean they're never going to turf us out if we can't make payments (as we'll just end up needing to be housed).

You can stay with DCC when transferring to full mortgage.