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part buy part rent!!!
louise71_2
Posts: 3 Newbie
need some advice, we are currently in rented accomidation paying 950 a month!!!, but we have ben ok for a mortgage and have a deposit so was really pleased, we can get a hpuse 3 beds for up to 160000, as we need more as house prices are about 230000 in the area we want to be we was going to do part buy part rent. but to out disapointment this is only new build not 3 beds on open market, and not at all near schools etc, anyone got any advice on how we can raise rest of money or part buy part rent???
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Comments
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In my opinion part-rent/part-buy or shared ownership is a con. Barge-pole. Do not touch with. Either keep saving, buy a smaller property or buy in a cheaper area.0
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BitterAndTwisted wrote: »In my opinion part-rent/part-buy or shared ownership is a con. Barge-pole. Do not touch with. Either keep saving, buy a smaller property or buy in a cheaper area.
surely that depends on the terms, a site I'd looked at appeared to be...rent now, in 2 years time you decide to buy, the rent you paid goes to reduce the price of the home (value was agreed at start of contract) and you have a 2 year satisfacctory payment history, or if you wish to keep paying rent ...you can...or pull out completely and move elsewhere....what other sorts of schemes have you come across?...I assumed this type of scheme was to help builders shift properties...I'm now a retired teacher... hooray ...:j
Those who can do, those who can't, come to me for lessons:cool:0 -
Some nice advice... don't touch shared ownsership with a ten foot barchpole! It has caused us nothing but trouble for the last 3 years! Unless you know exactly what you are signing up to and are happy to stay put for about 20 years, I would consider looking at something different!
Made that mistake 5 years ago and because of the economy can't afford to move because our scheme was based on property prices increasing. We tried to buy our 25% share from them but couldn't secure a mortgage because our original share of 75% is now worth about £5K less than what we paid for it! We also can't remortgage because the Housing association require you to have equity! My advice would be, save, save, save!Will be debt free by December 2016. Total debt £6207.35 . £188 per month on a DMP with Payplan.
4 Creditors = Capital One - Default, Vanquis - arrangement, Aqua - Default, Next Directory - Paid in full0 -
BitterAndTwisted wrote: »In my opinion part-rent/part-buy or shared ownership is a con. Barge-pole. Do not touch with. Either keep saving, buy a smaller property or buy in a cheaper area.
I agree. TBH I don't quite know why, but a part of my brain goes "RIP OFF RIP OFF RIP OFF".0
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