Who's found shared ownership housing good for them

chickmug

Whether in recent times or over the years?

My experience, but some years ago, was that these schems were great to help those trapped in the middle who couldn't buy but didn't want to rent. I keep reading the schemes are a scam which I feel is a bit strong so wondered if any have found them to be of help for them?

Idiophreak

We're buying on shared equity at the mo, but wouldn't really touch shared ownership....

chickmug

Idiophreak wrote: »

We're buying on shared equity at the mo, but wouldn't really touch shared ownership....

Sorry if I sound thick but what is the difference

Idiophreak

There are "technical" differences, like in shared equity you "own" all of your house, which you don't on shared ownership - but the "main" difference is usually that in shared ownership you pay rent on the portion you don't "own". On shared equity, you don't.

chickmug

Idiophreak wrote: »

There are "technical" differences, like in shared equity you "own" all of your house, which you don't on shared ownership - but the "main" difference is usually that in shared ownership you pay rent on the portion you don't "own". On shared equity, you don't.

Thanks for that:beer:

ruggedtoast

Theyre a scam because they were championed by a lying two faced government that pretends to follow free market principles and care about the poor.

In a free market if you have a lower end product that is usually bought by less well off people, then you price that product at a level they can afford. Or you dont sell it and are overtaken by your competitors.

Nu-Labour cant tolerate this because it means that one bed flats, starter homes etc, would be priced down to a level affordable for people on, for example, a nurse or policeman's salary.

Ergo Nu-Lab introduce SO schemes so they can distort the market by allowing the "buyer" to defer a load of debt while the taxpayer pours money into inflating entry level prices. Then Brown and his mates in the City are laughing all the way to the country club.

Yes SO schemes can help you get on the ladder. However if they didnt exist you wouldnt need them.

chez22

Shared ownership has definitely worked for me, I bought 50% of my house in 1995 and the rent on the rest was under £100 a month. I was on a low wage and could not have bought a house any other way. I bought the rest of my house 5 years ago, I now have a 50k mortgage on a house worth nearly 3 times that. Many other people on this estate have also bought their houses outright or increased their share. A lot of people seem to have an extremely negative view of these schemes, all I can say is it was the best decision I've ever made and it's worked well for me.

Wickedkitten

ruggedtoast wrote: »

Theyre a scam because they were championed by a lying two faced government that pretends to follow free market principles and care about the poor.

In a free market if you have a lower end product that is usually bought by less well off people, then you price that product at a level they can afford. Or you dont sell it and are overtaken by your competitors.

Nu-Labour cant tolerate this because it means that one bed flats, starter homes etc, would be priced down to a level affordable for people on, for example, a nurse or policeman's salary.

Ergo Nu-Lab introduce SO schemes so they can distort the market by allowing the "buyer" to defer a load of debt while the taxpayer pours money into inflating entry level prices. Then Brown and his mates in the City are laughing all the way to the country club.

Yes SO schemes can help you get on the ladder. However if they didnt exist you wouldnt need them.

Exactly. Alistair Darling has been warned already about propping up the market with these schemes when really what should happen is that houses should be allowed to drop to the level where people can buy them with a traditional mortgage multiple and sensible deposit.

ruggedtoast

chez22 wrote: »

Shared ownership has definitely worked for me, I bought 50% of my house in 1995 and the rent on the rest was under £100 a month. I was on a low wage and could not have bought a house any other way. I bought the rest of my house 5 years ago, I now have a 50k mortgage on a house worth nearly 3 times that. Many other people on this estate have also bought their houses outright or increased their share. A lot of people seem to have an extremely negative view of these schemes, all I can say is it was the best decision I've ever made and it's worked well for me.

Are you sure about that?

chez22

Yes I am. That's what houses on this estate sell for.

chickmug

chez22 wrote: »

Shared ownership has definitely worked for me, I bought 50% of my house in 1995 and the rent on the rest was under £100 a month. I was on a low wage and could not have bought a house any other way. I bought the rest of my house 5 years ago, I now have a 50k mortgage on a house worth nearly 3 times that. Many other people on this estate have also bought their houses outright or increased their share. A lot of people seem to have an extremely negative view of these schemes, all I can say is it was the best decision I've ever made and it's worked well for me.

Really glad to hear the other side. I have put these schemes forward in the past to people I know well and they are all very pleased I nagged them. Howver I must admit the last couple were 8/10 years ago. It is interesting to note those who had rented with no interest in DIY or the garden now have superb houses and gardens. They spend more of their time on the house/garden and not sitting watching TV.