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shared equity mortgages
aurarius
Posts: 5 Forumite
I want to get on the property ladder but like so many other people, even though i can afford a mortage as i pay rent every month now, i'm not sure the lenders will help me. I have only a small amount of savings (2000 aprox) and only earn about 9000 per year (net). I'm looking into shared equity mortgages as an option, are they any good? anybody know anything about them? Does anybody have any other suggestions as to how i can at least get a toe into the property market, paying rent month on month seems like dead money and doesn't really leave me a lot to save with. Would apreciate some advice.
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Comments
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£2,000 deposit will get you a mortgage for a house worth £20,000. Good luck.
Shared equity is a scam.poppy100 -
You need to increase your income.0
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Do not listen - Its not a scam, these people are just weird. Your income does seem slightly low. Go and see an IFA, would be my advice. There are alot of different shared equity schemes around. I have gone with Homebuy Direct, if you google it, you will get more info. It's great for us and we are moving into a great home in a couple of weeks, getting 30% (15% each from govenment/developer). We would not have been able to do this without the scheme. We have flown through the application with no hastle what so ever. Dont be disheartened by these rude people on these forums, they think they know it all but actually do not. :beer:0
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This comment must have really helped. :T
Honesty is the best policy sometimes.
In a few years people will be waking up to the fact they own 15% of a house that they have to pay excessive rent on the rest of, all repairs and can't sublet it or rent it out.
They might feel as peeved as the people stuck by negative equity.0 -
Owning 70% morelike.0
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Marry someone rich.
Seriously: houseprices reflect the fact that many (young) households have a double income. As a single (?) person on a low income that locks you out.0
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