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Shared ownership/equity is a scam.

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Orpheo
Orpheo Posts: 1,058 Forumite
in House buying, renting & selling
Can this be stickied please.
Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
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Comments

  • Running_Horse
    Running_Horse Posts: 11,807 Forumite
    First Anniversary Combo Breaker
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    Whilst I agree with you, this site is not really about stickying personal opinions without debate.

    There are many who have gone down this route and are perfectly happy with the arrangement.
    Been away for a while.
  • Running_Horse
    Running_Horse Posts: 11,807 Forumite
    First Anniversary Combo Breaker
    edited 16 April 2011 at 12:37PM
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    Deleted, because another post seems to have disappeared.
    Been away for a while.
  • kingstreet
    kingstreet Posts: 38,770 Forumite
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    I believe it's better that those enquiring about such facilities be given the pros and cons as they are now, rather than being met by an unequivocal statement which is at best only one person's opinion.

    If something is legally offered but has pitfalls, it isn't a scam. That is, of course, just my opinion.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
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    Shared ownership is not a scam . . . . . . . Can this be stickied please?

    Shared ownership reduces risks. Allows a tenant/owner to buy a larger property than they could otherwise afford or in an area they can't afford. Allows in the event of unemployment the rent portion to be paid by Housing Benefit and also allows for a simultaneous claim for mortgage interest from the DWP. Done correctly with a full knowledge of the risks involved it is fine.

    It allows a low income earner with cash to spend it on a deposit and claim Housing Benefit on the rented portion. They wouldn't have got any benefit at all if they had over £16,000 in cash.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • Cubbington
    Cubbington Posts: 38 Forumite
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    Just because you don't like or agree with something does not make it wrong and most definately does not make it a scam. Whilst you're entitled to your own opinion, some people actually find those schemes work well for them and their individual situations.

    Aside from anything else there are so many different companies with different t&c's, you can't just tar them all with the same brush!
  • Jimmy_31
    Jimmy_31 Posts: 2,170 Forumite
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    kingstreet wrote: »
    I believe it's better that those enquiring about such facilities be given the pros and cons as they are now, rather than being met by an unequivocal statement which is at best only one person's opinion.

    If something is legally offered but has pitfalls, it isn't a scam. That is, of course, just my opinion.


    It depends on who deems it to be legal, if its the government then we all know its a scam.
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Name Dropper First Anniversary Photogenic First Post
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    I see the crashaholics are bored again.....

    Thread reported as spam.
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
  • Jimmy_31
    Jimmy_31 Posts: 2,170 Forumite
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    HAMISH_MCTAVISH wrote: »
    I see the crashaholics are bored again.....

    Thread reported as spam.

    Im telling on you:rotfl::rotfl::rotfl::rotfl::rotfl:
  • brit1234
    brit1234 Posts: 5,385 Forumite
    edited 16 April 2011 at 1:55PM
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    Shared Equity and Shared Ownership schemes are Scams.

    The reason they are scams as they are designed to keep house prices artificially high and stop them falling. They are in fact sub prime lending.

    House builders through out the housing bubble distorted house prices upwards through land registry fraud using gift deposits and shared ownership schemes. This earned them big money till the credit crunch. They now use shared equity and shared ownership to keep these house prices artificially high. Just ask yourself who can buy any of these newbuilds without these schemes?

    Gullible and desperate first time buyers are being deceived into these schemes. Shared ownership buyers are being milked with rents, mortgages and high service charges with little home rights and difficulty selling. Shared Equity is simply a 5-10 year mortgage time bomb. What happens when the loan needs repayment, how are you going to add it to your mortgage especially if you are in negative equity?

    images?q=tbn:ANd9GcRPfIz0YAR_SMcy7E8Lf8YiUvmBdpA8S4nQA12sbdOn1g-4jo_VCw
    Z
    :exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

    Save our Savers
  • Orpheo
    Orpheo Posts: 1,058 Forumite
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    No more, I'm thinking of shared equity/shared ownership but I've read lots of horror stories and everyone I know says it is a con. Please try to make me feel better about putting my head in the shark's mouth by giving me advice that I'm just going to ignore and throw my money away anyway threads.

    Making this thread a sticky is just good housekeeping.

    This thread is a public service. It's big society.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
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