Charles Church Builders "fair share" deal???

riceyla

Can anyone help or advise me on this "fair share" deal being offered???, in a nutshell, the new home builder lends you 25% of the property value so you only mortgage 75% of value, they pay the rest, you then have either 10 years to repay them the 25% of the current market value of the house, or if you sell during the 10 years you settle in full again at 25% of CMV. What do you all make of this? Please advise!!!

omen666

I wish I could help but I fear anything I may type you may not be able to read as the font in my post is way too small

riceyla

Very Funny!! i am new to this site and did not realise what i had done!!!:T
CAN YOU HELP ME THO?!!!!!:beer:

omen666

I think it is a good deal looking at the current climate and this is why they are offering such a deal. As long as you can afford it I do not see why not.

I however do not have too much knowledge on the housing sector. Would suggest reposting this here:

http://forums.moneysavingexpert.com/forumdisplay.html?f=16

or getting a board guide to move it.

Welcome aboard and Good luck

yellowbrickroad

I don't know anything about housebuilders offering what sounds like a shared equity deal. I do know, however, that we've benefited from the same deal ~ actually an even better one ~ from our local authority. They bought the first 25% of our house and we raised a mortgage for the remaining 75%. We don't have to pay them anything unless and until we sell, at which point they get back 25% of the value of the house at that time. We also have the option to buy their 25% at any time, so for example when house prices are falling (as now) we could actually pay back less than they gave us as they will only ever be entitled to 25% of market value. We don't pay any rent on their share or interest in the meantime.

Sorry if this is a bit garbled. For us it's been a great scheme and a great opportunity. Good luck.