LTV & Shared Equity (LIFT Schemen Scotland)

JEWISHPRINCESS

Pretty please

brit1234

Why can't people save a deposit these days, it shocks the hell out of me.

As the others said shared ownership is a scam. However if you can't be bothered to save a deposit and overpay for a shared ownership property with all its extra condition and costs then go ahead.

Personally you will be better off renting and saving a deposit like the rest of us.

Muhasib

brit1234 wrote: »

Why can't people save a deposit these days, it shocks the hell out of me.

As the others said shared ownership is a scam. However if you can't be bothered to save a deposit and overpay for a shared ownership property with all its extra condition and costs then go ahead.

Personally you will be better off renting and saving a deposit like the rest of us.

I guess because some people are finding that their current rent outlay means that while they could find a cheaper monthly mortgage payment from buying it also means they would be years away from a meaningful deposit with what they currently are able to save each month while renting.

Brit1234 - not everyone is in the same situation as you and able to decently save each month towards a mortgage deposit, while Shared Equity isn't wholly satisfactory it does improve the housing situation in some people's situations. If you read some of the posts about the antics of landlords you'll be closer to taking the blinkers off about only seeing it in pure financial terms.

JEWISHPRINCESS

You obviously don't know what you're talking about Brit.

The LIFT scheme is available for the open market in Scotland. It isn't run by builders etc to over inflate prices. Also, some of us using the scheme actually do save a deposit. So please check your facts prior to posting.

iscrimger

brit1234 wrote: »

Why can't people save a deposit these days, it shocks the hell out of me.

As the others said shared ownership is a scam. However if you can't be bothered to save a deposit and overpay for a shared ownership property with all its extra condition and costs then go ahead.

Personally you will be better off renting and saving a deposit like the rest of us.

My rent is £700 per month, my council tax varies between £200-250. Once all the bills are taken out there isn't much left for saving a deposit. Based on my current outgoings I'll be 44 before I have anything close to a 10% deposit on a 120k house. (24 now)

I'm sure you'll say cut your outgoings - I already have. I only pay for what I need. I have no pay TV service, no car etc. If I want to build a substantial deposit I can always do overtime at work but it comes with great restrictions and while there is no doubt a financial gain the cost to my own health working 7 days a week, 12 hour shifts, leaving home at 4am and getting back at 6pm is just unthinkable and frankly not a risk anyone would be willing to take.

I am now in my second private rental this year that is now being repossessed. Each time I move I need around £1400 for advance rent & deposits, along with other charges for utilities & telephone services. If I didn't have to keep moving things would be a different story - hence the LIFT scheme is providing me a chance to hugely reduce what I pay in rent which will then provide me with extra cash. This cash I can then use to pay off the LIFT scheme in the future or fund any negative equity. You get 19 years to completely pay back your share in this scheme.

rhodod

The bank of scotland requires no Deposit. It does 100% where as the rest do anywhere between 5-10%

im kinda opposite to you, i have the deposit but do not earn enough to purchase the required house for my family, and my partners wages are not taken into account as she has owned a property before. Very frustrating.

My friend who earns 23k a year and her partner earns 25k in the army have just bought a 120k house through the LIFT Scheme, they earn to much as a couple so she sold them she was a single and now they have a 2 bedroom house.

Sucks to be frank but thats life,

p.s she didnt have any savings or a deposit.