Shared ownership - something to look at if you "own" one

gabyjane

Doctor_Gloom wrote: »

So are the interest payments on your mortgage. Only the small capital repayments on the mortgage are any sort of investment. And who is to say that that investment would fare better than in say the stockmarket.

So it's an equal comparison then?! I pay the mortgage and only a bit gets paid off..just like a credit card which is why i don't have one..this house amkes me happy and gives us a roof over our heads..a credit card just gains debt easier imo! We overpay our mortgage a lot as of next month so will hopefully see more of it reducing.

Salz

gabyjane wrote: »

The second charge bit I don't quite get do you mean that in regards to the S/O?

We were talking about shared Equity, not SO.

Quote:I love the fact I can come back and sleep at night knowing it is our house

But it's not your's - I dont know what your percentages are, but unless you have no mortgage, then x percent belongs to the Housing Association, and x amount belongs to the bank.

(Sorry, don't know how to add 2 quotes in properly)
I love the fact I can come back and sleep at night knowing it is our house
As for the well known phrase that renting is dead money - you buy a house, you decorate it, you buy furniture for it, plant a few plants in the garden, put shelves up, buy curtains for all the rooms, then you sell the house, move to another and start again. None of what you did adds value to the house, you have done it for you, so surely that is just as much dead money as renting.

I love the fact I can come back and sleep at night knowing it is our house

MrsE_2

getmore4less wrote: »

She cannot/as not been meeting her current commitments without handouts and you are encouraging taking on even more.

As pointed out above I think she needs to wait before tieing herself down to ownership to keep her flexabilit to progress the career.

Its none of your business if I choose to help pay towards my DDs education fees.
Its not an unusual thing for parents to do.

getmore4less

MrsE wrote: »

Its none of your business if I choose to help pay towards my DDs education fees.
Its not an unusual thing for parents to do.

In my day allthough no loans, parents did not have a choice it was means tested.

I think you missed the point, they are not self sufficient yet.

What I don't understand is why you think it is so important they get a place now, especialy when the choices they have are potentialy going to restrictive to career development which these days often requires mobility in the early years.

MrsE_2

getmore4less wrote: »

In my day allthough no loans, parents did not have a choice it was means tested.

I think you missed the point, they are not self sufficient yet.

What I don't understand is why you think it is so important they get a place now, especialy when the choices they have are potentialy going to restrictive to career development which these days often requires mobility in the early years.

They want a home of their own together after 4 years together, a natural progression.

I CHOOSE to contribute towards her education.

getmore4less

MrsE wrote: »

They want a home of their own together after 4 years together, a natural progression.

I CHOOSE to contribute towards her education.

So are they here and other sites doing independent reseach?

cyberbob

So according to the doom and gloom merchants on this thread it's all totally pointless and we would be better off running a hosepipe from our car exhaust.

Oh well what a happy bunch of campers you all are,

gabyjane

Salz wrote: »

We were talking about shared Equity, not SO.

Quote:I love the fact I can come back and sleep at night knowing it is our house

But it's not your's - I dont know what your percentages are, but unless you have no mortgage, then x percent belongs to the Housing Association, and x amount belongs to the bank.

(Sorry, don't know how to add 2 quotes in properly)
I love the fact I can come back and sleep at night knowing it is our house
As for the well known phrase that renting is dead money - you buy a house, you decorate it, you buy furniture for it, plant a few plants in the garden, put shelves up, buy curtains for all the rooms, then you sell the house, move to another and start again. None of what you did adds value to the house, you have done it for you, so surely that is just as much dead money as renting.

I love the fact I can come back and sleep at night knowing it is our house

Well i wrote that yes and i agree BUT unless you fully own a house that can be said for most 'homeowners' being shared ownership makes no odds at all as whether bought through the HO or an estate agent no it is not ours. I meant in terms of security it is ours not a landlords which helps me sleep at night..i can assure you unless we got very behind with payments no one is going to tell us they are selling it etc.

As for the furniture bit well not sure who put that but again it makes a big difference to us. We have paid to deck half the garden..wouldn't have done that in a rented house, we have bought a USA fridge freezer..wouldn't have bought that if i was renting in the town we live in due to smaller houses and not knowing whether it would fit in if we had to move..we have paid to do lots of things for 'us' yes but because this is our house not a landlords. IF we move then we take stuff with us but it is different imo.

gabyjane

cyberbob wrote: »

So according to the doom and gloom merchants on this thread it's all totally pointless and we would be better off running a hosepipe from our car exhaust.

Oh well what a happy bunch of campers you all are,

Pmsl!! The S/O threads will always be doom and gloom..to me they just make me laugh!!

gabyjane

In terms of renting i have just done a very quick calculation.

Our old rented house was £400 per month (very cheap for where we live as a friends) so:

£400 a month over 3 years (time we lived there) = £14,400

Our current house is £150 per month so:

£150 a month over 3 years (time we have lived here give or take a few weeks)
= £5,400

There is a considerable difference in totals and it's going towards our house at the end of the day not my friends. As we buy more of the house (if we do) the rent decreases. IF we just buy our % we will pay around that figure each month which i guarantee is less than a rented house here.

May have missed something if I have can someone let me know?!