My Shared Ownership story (success story...)

gabyjane

dopester wrote: »

Hey sturgeon. The provider you used to buy via FTBI (Metropolitan Homes).. on their website they have a whole load of 'success' case examples of people who've bought via FTBI or other SO scheme.

You should get your own self and your own story up on their site in my opinion, proudly telling it alongside your fellow winners.

http://www.mho.co.uk/success-stories

Good stories, must be lots of silly people out there hey?!!

Eric1

gabyjane wrote: »

Lol well good luck to them..i wasn't aware it was a competiton though?!..

really?

gabyjane wrote: »

we wouldnt be as happy as we are now and struggling and worrying each month like many of my friends do..not a life really imo.

yeah, losers

gabyjane wrote: »

I dont see anything fishy about it tbh..if it distorts the market then maybe thats why we looked into buying one..

Nope. The opposite. Without the SO, it would have to sell at a lower price to someone else. No wonder many FTBs see it as unfair competition.

Wickedkitten

gabyjane wrote: »

Hmm see for us thats the whole prob why we couldn't buy a 'whole' house..we can easily afford the 50% it's the rest we have to worry about..isnt that the same with all houses though?..will we all ever pay ours off the way things go? at the end of the day when we have paid off our % we will just rent if the worst comes to the worst. Our house as well wasn't overpriced looking at ones of the same size in the area etc.

Well no, not unless people are on an interest only mortgage anyway. I don't know what shared equity scheme you are on, but for the regular Homebuy Direct one, you have to pay off the rquity loan either when you sell the house or within 25 years.

So the same as with an interest only mortgage, if you haven't either staircased enough to get the remaining shares or saved up enough to pay it off at whatever percentage of the total value when 25 years comes round, you'd pretty much have to sell it and will be in the same situation as you would be in when you started.

brit1234

Wickedkitten wrote: »

So the same as with an interest only mortgage, if you haven't either staircased enough to get the remaining shares or saved up enough to pay it off at whatever percentage of the total value when 25 years comes round, you'd pretty much have to sell it and will be in the same situation as you would be in when you started.

I thought it was usally 5-10 years and not 25. Homebuy is a scam anyway and likely to lose all funding this month. Why pay builders for overvalued properties when we can pay off the national debt.

I say homebuy and shared ownership good ridance.

gabyjane

Wickedkitten wrote: »

Well no, not unless people are on an interest only mortgage anyway. I don't know what shared equity scheme you are on, but for the regular Homebuy Direct one, you have to pay off the rquity loan either when you sell the house or within 25 years.

So the same as with an interest only mortgage, if you haven't either staircased enough to get the remaining shares or saved up enough to pay it off at whatever percentage of the total value when 25 years comes round, you'd pretty much have to sell it and will be in the same situation as you would be in when you started.

Hi we are on what sounds like a completely different scheme..we dont have to pay off anything in any certain amount of time.

gabyjane

brit1234 wrote: »

I thought it was usally 5-10 years and not 25. Homebuy is a scam anyway and likely to lose all funding this month. Why pay builders for overvalued properties when we can pay off the national debt.

I say homebuy and shared ownership good ridance.

They are 2 very different schemes obviously reading about them. Oh and if losing these schemes make you happier in life then really i do think some people need to get out more!

Eric1

gabyjane wrote: »

Hi we are on what sounds like a completely different scheme..we dont have to pay off anything in any certain amount of time.

Then perhaps your scheme should have a completely different name. It would be in your interest too.

Wickedkitten

gabyjane wrote: »

Hi we are on what sounds like a completely different scheme..we dont have to pay off anything in any certain amount of time.

Aye I see in another thread that yours is under a HA and you have a cheap mortgage and rent.

Wickedkitten

brit1234 wrote: »

I thought it was usally 5-10 years and not 25. Homebuy is a scam anyway and likely to lose all funding this month. Why pay builders for overvalued properties when we can pay off the national debt.

I say homebuy and shared ownership good ridance.

Definitely says 25 years in Homebuy Direct's own pdf explaining it all. For the one that Sturgeon is on, it's completely different, but for the bogstandard one you don't pay anything for 5 years, then for one year you pay 1.75% which rises by RPI + 1% in year 6 and you have to have paid the equity loan off within 25 years of completing.

gabyjane

Eric1 wrote: »

Then perhaps your scheme should have a completely different name. It would be in your interest too.

Not really..the title is 'My shared ownership story..success story'..our house is shared ownership? the home ownership always seems to get jumbled up with this too therefore making the whole thread very confused as is completely different!!