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Shared ownership - something to look at if you "own" one
Comments
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I have read quite a few articles and most of the pitfalls seem to be due to payment defaults. I am not sure about the 'propping the market up' theory as IMO people with second homes are doing this to a larger extent...happy to be contradicted on this with evidence!
I suppose it is a very poor second best to traditional mortgages but I still think the right deal might be better than renting in the long term.Weight loss: Start weight: 80kg; Current Weight: 77kg; Target weight: 55kg0 -
Not only price drops, but lets address that first. Seems that you haven't read up on SO properly yet, see, even if you own 50% of the property you are still liable for 100% of the equity loss, that is to say if you buy 50% at 100K and sell for 80K you are liable for 20K and not 10K. Secondly, job losses, movement, anything, it is way more difficult to sell a SO ownership property, and you can;t just leave and sublet.By that do you mean price drops? Surely you would be worse off in terms of negative equity if you 'owned' 100% (mortgage not outright).
Look it's simple, have enough savings to see you through for a whil, have a decent deposit, pay about 3.5x your salary. If you can't do this, don't buy, because quite simply you are gambling.0 -
Must....have...own...home! I have only been looking into this for a few days give me a break!
I don't agree with the paying rent part of S/O at all so if I were to look into doing this it would have to be shared equity which is, I believe, different.Weight loss: Start weight: 80kg; Current Weight: 77kg; Target weight: 55kg0 -
The problem with SE is that you have to pay the remaining equity after a decade, which again, means that you are gambling on having enough money at that point to pay whatever price is asked for.Must....have...own...home! I have only been looking into this for a few days give me a break!
I don't agree with the paying rent part of S/O at all so if I were to look into doing this it would have to be shared equity which is, I believe, different.
There are plenty of articles about this.
I think all of the SE schemes are closed now, I might be wrong on this.0 -
Oh I thought SE was an up and coming thing! Ztan seems to be planning to re-mortgage for the final amout as I understand it. It certainly sounds a huge gamble and I am no gambler!Weight loss: Start weight: 80kg; Current Weight: 77kg; Target weight: 55kg0
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Oh I thought SE was an up and coming thing! Ztan seems to be planning to re-mortgage for the final amout as I understand it. It certainly sounds a huge gamble and I am no gambler!
I would take the time and resources, and invest it in your career. While you are renting you have flexibility as well. The prospect of owning your own place is nice, but the reality is until you have a decent deposit and are able to buy at a sensible multiple, it's a dangerous noose around your neck. Hard work will get you there, crazy government schemes simply wont.0 -
Haha flexibility, I wish! Have been looking for a new job for 2 years
- I am too specialist (have already spent enough on my career believe me!). I am trying to save as much as possible towards a mortgage deposit but I need the salary to back me up somehow! Weight loss: Start weight: 80kg; Current Weight: 77kg; Target weight: 55kg0 -
Haha flexibility, I wish! Have been looking for a new job for 2 years - I am too specialist (have already spent enough on my career believe me!). I am trying to save as much as possible towards a mortgage deposit but I need the salary to back me up somehow!
Where theres a will there's a way! Just don't store up problems for the future. You don't realise what a good position you are in right now, it's being distorted by this crazy bubble.0 -
It is odd being able to smile at the phrase "house prices have gone down this month..."
Weight loss: Start weight: 80kg; Current Weight: 77kg; Target weight: 55kg0 -
This judgement was wrong but we're stuck with it until someone challenges it. What it appears to say in my lease according to my legal adviser is that if I default the HA can take the House after 21 days (21!!!) and sell it and take what they are owed in unpaid rent (£200 after 21 days) but they then have to give me the rest of the value of the share. £149000 in this instance.0
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