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Shared ownership - need some help please
Comments
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There is no time limit to pay back their share. I can leave it as it is for as long as I live there or purchase 100% if I wish after 3 years.Wickedkitten wrote: »So do you have 10 years or 25 years to pay back the equity portion?DMP Mutual Support Thread Member No 19017/05/08 - Total on DMP: £10025.7007/05/14 - Total on DMP: £1666.20 DFD: July 2017!!Baby Tomos born 5th June 2009 - 6lb 5oz :jWeight Loss Target - to lose 60.8lb by NYE 2015 - 37.6lb TO GO0 -
A Joseph Rowntree Foundation investigation shows that only a very small proportion of residents are actually able to move into full
ownership.
While some shared owners are able to move on due to improvements in their finances, many are unable to afford the greater cost of a full ownership mortgage, the study found.
Shared owners’ typical starting investment has declined from 50 per cent to 40 per cent, with 25 per cent shares now more common.
And evidence suggests that just 3 to 5 per cent of shared owners are able to move on to another property.
http://www.insidehousing.co.uk/story.aspx?storycode=6501770It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
I'm lucky though that I bought a 70% share so I don't have as much of a step up to make. Also my circumstances have changed and the next property I buy will be with my partner instead of on my own. Obviously this is all on hold until the market picks up.DMP Mutual Support Thread Member No 19017/05/08 - Total on DMP: £10025.7007/05/14 - Total on DMP: £1666.20 DFD: July 2017!!Baby Tomos born 5th June 2009 - 6lb 5oz :jWeight Loss Target - to lose 60.8lb by NYE 2015 - 37.6lb TO GO0
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