shared ownerships your thoughts

LouB06

I've just been reading through this thread as I've been accepted onto the mychoice homebuy scheme as well. And all I can really say about the people who are slating it is that if you have a mortgage, which you obtained without the help of these schemes then well done you... but technically, that house is not really all yours either, not until that mortgage is paid off anyway!!

poppysarah

LouB06 wrote: »

I've just been reading through this thread as I've been accepted onto the mychoice homebuy scheme as well. And all I can really say about the people who are slating it is that if you have a mortgage, which you obtained without the help of these schemes then well done you... but technically, that house is not really all yours either, not until that mortgage is paid off anyway!!

But once you have paid off the mortgage it is ALL yours.

LouB06

True, but what if one can pay off the mortgage and the equity loan?!

londongirl

Yes and once people on these schemes have paid off their mortgage and their loan - its ALL theirs!! Plus i know i'd rather be paying interest only on 60% of my flat at the moment and putting money away to pay off the loan part, rather than having to pay interest on 90% or 100% of the flat if i had mortgage for whole thing. Then most of my money would be going to pay off interest rather than capital.
I currently "own" 100% of my home just as anyone with any bit of outstanding mortgage "owns" their home

gabyjane

I do think we should do seperate posts on shared ownership and own home or whatever it's called because i think it confuses matters a lot! with shared ownership you do not have any sort of loan to pay off like it sounds with the homebuy..we pay our mortgage and rent and that's it, IF we buy the whole 100% and pay it off the house is ours..done..maybe i'm wrong but ours is like this.

zag2me

poppysarah wrote: »

Is it a 1 bed flat?

Please report back periodically so we can continue to hear how great it is.

No its 2 double bedroom

I also have a lodger who pays full private rent for the 2nd room so its a win win situation for me.

I think people are fogetting that you can staircase your share at any time after the 1st year. I'm building up my savings every month with the target of buying the rest of the share in cash at some point in the future.

chez22

Unfortunately, a lot of shared ownership schemes do not allow subletting. You are fortunate, I wish I had been able to have a lodger it would have meant I could have increased my share in my house a lot sooner.