Barratt Homes - Shared Equity?

murphyxx

poppysarah wrote: »

I think we're confused why you think 100% renting is a bad idea ...


Shared ownership is 50% renting...

I'm getting a bit confused about this whole shared ownership / shared equity thing but never mind.

It's not a bad idea as such it's just not the route we want to go down.

When I said I didn't want to throw away money on renting I meant because we live at home just now if I had to pay out £600+ per month I would rather it was paying of my mortgage than paying rent to a landlord and trying to save at the same time for a deposit so we could buy our own place.

At the end of the day the only road myself and my partner have wanted to go down is - putting down a deposit - getting a mortgage and buying a home that we like and hopefully staying in it for several years as we are not looking to buy somewhere that will only have enough space for us to live in for a year or two.

The only reason the shared equity came around is because it will be coming up shortly in our area and I wanted to either rull it in as an option or rull it out. I needed more information about it to make that decision.

Hope any confusion is now solved and I don't have to argue with anyone else as that was not my intention.

poppysarah

BadgerFace wrote: »

Shared ownership is 50% (or any other % which you choose to own) renting...BUT OP is talking about shared EQUITY!

There seems to be some serious confusion on this issue.

Yeah but shared equity also sounds like a con...

They'll sell you a house for X but want more than x off you ten years down the line?

I reckon there'll be a load of people very angry about the exit clauses in these in a few years.

BadgerFace_2

Going down the standard buying route is always going to be the best option if you can. For me I had the option of either, but chose to have a £45,000 interest free loan instead of paying interest on it to a bank.

I'm quite happy giving the builder 25% of the profit (if there is any), conversely, I'm also happy for them to share my loss (if there is any).

I just dislike the fact you come on here for advice and people give you their opinions on a completely different scheme (One which I don't particularly like either)!

Oh and Good Luck, I'm sure you'll get there soon enough!

murphyxx

BadgerFace wrote: »

I just dislike the fact you come on here for advice and people give you their opinions on a completely different scheme (One which I don't particularly like either)!

My point exactly I came on here for advice / information about new builds / shared EQUITY / barratts - not many people actually gave me advice on what i was after but thanks to those who did!

treetrunks

Hi Murphy, FWIW im a fan of new builds, stress free living and a clean house on day one. We bought one a few years ago and we are one of the fortunate few who have seen a rise in property values. This i believe is largely down to the fact that there were limited plots available and the developed cant build any more in our area. Other towns close to ours have struggled where developers keep building. Why would you buy a house when there is a new build exactly the same as yours but brand new.

I know your not looking for a lecture but have you both looked into the cost of living. It seems strange that you are trying to buy a house when you are both living at home yet struggling to save?

Another benefit to consider about renting is it gives you the chance to live with someone without the full commitment of a mortgage. Learn about them and make sure it is the person you really want to spend the rest of your life with.

murphyxx

We have looked into and are aware of the cost of living, of course if we moved out there would things we would no longer pay that would give us extra money towards the mortgage and council tax etc.

We also have things that are due to end like car finance which would free up more money each month. We have been to see a mortgage advisor and we have went through what we would be able to afford including all bills etc

As a house was never top of our list before we spent money on other things but because the time has come now that we want to move out we are getting our priorities right.