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NES – Negative Equity Scheme**The arrangement fee will be added to your principle loan and “Ren Homes 4 U” will automatically place you in our 3 year Negative Equity Scheme.
What this means is, if you sold your property within the first 3 years of moving in and the value is less than the mortgage owed without any additional borrowing, “Ren Homes 4 U” will;
- Cover the shortfall to clear the principal loan upon sale.
- Purchase the house from you.
*To ensure we act fair, we will instruct the valuation via a regulated mortgage lender using one of their authorised surveyors to get an OMV. We will also take into consideration any other houses in the area with a like for like quotation as to get a true comparison of the OMV.
