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Shared Equity Taylor Wimpey £119,995 flat

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Comments

  • geoffky
    geoffky Posts: 6,835 Forumite
    edited 5 February 2011 at 6:57PM
    I think you have committed financial suicide and will one day soon find out why...until i read your update,,,christ that was a close shave for you..
    It is nice to see the value of your house going up'' Why ?
    Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
    If you are planning to upsize the new house will cost more.
    If you are planning to downsize your new house will cost more than it should
    If you are trying to buy your first house its almost impossible.
  • geoffky
    geoffky Posts: 6,835 Forumite
    edited 5 February 2011 at 6:59PM
    clairecymru wrote: »
    Purchased our flat in apr 2009 in Cardiff for 115,000. We used bovis homes jumpstart scheme. They paid our 25% deposit. Interest free for five years. Had to be repaid within ten years. Didn't need any deposit of our own. We just pay bovis back 25% of the sale price. Just had an offer for
    135,000. The only places who did shared equity deals when we purchased our flat was nationwide and Halifax. Nationwide gave us the better deal.
    wait for the mortgage valuation from the buyers... then celebrate...or not
    It is nice to see the value of your house going up'' Why ?
    Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
    If you are planning to upsize the new house will cost more.
    If you are planning to downsize your new house will cost more than it should
    If you are trying to buy your first house its almost impossible.
  • rh203
    rh203 Posts: 34 Forumite
    geoffky wrote: »
    I think you have committed financial suicide and will one day soon find out why...until i read your update,,,christ that was a close shave for you..

    Not really, I'm not stupid and wouldn't have gone ahead if there was a sniff of anything wrong - hence me cancelling the agreement.

    I'm fairly certain that the shared equity deal would work for someone who has the ability to pay a lot more in monthly payments to keep the repayment term down and reduce interest payments so to call it financial suicide is a bit strong. Hence some other posters on here who have said it's worked well, made a profit etc for them.
  • rh203
    rh203 Posts: 34 Forumite
    poppy10 wrote: »
    About what?

    The deposit?
  • poppy10_2
    poppy10_2 Posts: 6,588 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    rh203 wrote: »
    The deposit?
    Give them a chance to give it back before you start worrying what you will do if they won't.
    poppy10
  • rh203
    rh203 Posts: 34 Forumite
    poppy10 wrote: »
    Give them a chance to give it back before you start worrying what you will do if they won't.

    Ok, I'm not really getting anywhere here so I'll call it a day.
This discussion has been closed.
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