Shared ownership/equity is a scam.

Orpheo · 17 April 2011 at 1:44PM

dmg24 wrote: »

SMI is less than the mortgage interest payable for more than half the claimants, so that argument is out the window. A few years ago it was a different story, but certainly not now.

How does this invalidate the argument? As far as I can see you agree that some people will be having their capital paid on top of their interest.

dmg24 wrote: »

Not everyone on SMI is unemployed, in the case of a family one of the partners may be working up to 24 hours and still qualify. Furthermore, in order to have qualified for a mortgage in the first place the great majority of those on SMI would have been working, there is no such requirement for those in rented accom.

So we're paying the debts of employed debtors too!

dmg24 wrote: »

Best to check your facts first?

Quite right chief, I've barely scratched the surface of the iniquity.

dmg24 · 17 April 2011 at 1:56PM

I've just scanned your other posts. You are bitter because you can't afford to get on the housing ladder yourself. No point arguing with fools ...

Orpheo · 17 April 2011 at 2:04PM

dmg24 wrote: »

I've just scanned your other posts. You are bitter because you can't afford to get on the housing ladder yourself. No point arguing with fools ...

You clearly have only scanned and not looked back very far.
I have temporarily stepped off the housing pyramid after owning two consecutive properties. I have in excess of 60k in the bank, I live in the east mids and could buy a house tomorrow if I wanted to. Currently house prices in my area are falling at a rate of 7% YOY, this amount is considerably more than my annual rent. You have an absence of any argument and instead have chosen to speculate and insult. You are bitter because you are a mortgagee who overextended yourself and are now in negative equity*.No point aguing with morons.

*I made this bit up just like you did.

leveller2911 · 17 April 2011 at 2:06PM

dmg24 wrote: »

I've just scanned your other posts. You are bitter because you can't afford to get on the housing ladder yourself. No point arguing with fools ...

To be fair for decades people have been able to get mortgages/cash buyers and then apply for Government/Council grants to renovate them.Ive worked on a fair few in my time and many were quite frankly disgraceful.Houses being bought in other family members names and then receiving taxpayers money to fit new windows,floors,roofs,kitchens etc and then sold within a few years for a large profit.
IMHO there has been much unfairness/abuse of both systems over the years...

leveller2911 · 17 April 2011 at 2:11PM

Orpheo wrote: »

Quite right chief, I've barely scratched the surface of the iniquity.

Lol , I had this picture in my head that you look like that guy of the programme on BBC1 "The boat that Guy built".......He said that........:D

Orpheo · 17 April 2011 at 2:13PM

leveller2911 wrote: »

Lol , I had this picture in my head that you look like that guy of the programme on BBC1 "The boat that Guy built".......He said that........:D

Nah. I don't look like him. I look more like Brad Clooney.

Cornball · 17 April 2011 at 2:46PM

Just to offer a different perspective:

I purchased a shared ownership 2 bed flat. I previously lived in the same development renting for 3 years so I was aware of the area and what the building management was like. My rent for a similar flat was £1000 plus bills; I bought 25% and now pay £675 including (fixed) mortgage, rent & service charge.

I can staircase up when I'm ready and I never have to pay stamp duty on it as I bought during the 'no stamp duty' period.

I'm now able to save more each month than I could when renting. I consider the flat to be a long term investment and hopefully within 5 years I will own the whole flat (with a mortgage). I could have continued renting and saved for another 5 years and bought 'normally' but by doing it this way I get to live in the flat now while still having disposable income to travel, pursue career development and still save.

It's not for everyone but it's working for me.

and_another_thing... · 17 April 2011 at 6:23PM

brit1234 wrote: »

This thread is shared ownership/equity is a scam. It includes both schemes and refers them as both scams.

I believe they are both scams as their effect is to artifically prop up house prices much like the US sub prime, option arm and alt A mortgages. Its all the same scam to make money for the builders and the bankers at the buyers expense.

Again you are confusing people with your generalised claim. How can builders benefit when you purchase a home through a shared equity scheme that allows you to choose your property yourself? My maisonette was built in 1910!! It was for sale on the open market, I found it on Rightmove and the only people to make money at the point of sale were the vendor and the estate agent.

System · 17 April 2011 at 9:23PM

Wow people actually think this helps them. Its is both comical and sad at the same time that some people think that entering the housing ladder by means that they can't genuinely afford can ever help them.