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25% 50% 75% Ownership offers
Rautavaara
Posts: 75 Forumite
What are people's general thoughts on these schemes? There seem to be a lot of them out there.
I've not really ever considered this as an option I'd like to own 100% of a home.
Such offers do look potentially good for rental however.
There are quite a few very fancy 2-bedroom places out there at £150,000 (50%) in good areas of London. There seem to be no shortage of these on the market at the moment.
Anyone had any experiences out there? Any idea on the costs incurred? I take it one would pay rent on the remaining % that is not owned?
I've not really ever considered this as an option I'd like to own 100% of a home.
Such offers do look potentially good for rental however.
There are quite a few very fancy 2-bedroom places out there at £150,000 (50%) in good areas of London. There seem to be no shortage of these on the market at the moment.
Anyone had any experiences out there? Any idea on the costs incurred? I take it one would pay rent on the remaining % that is not owned?
Deposit for FTB: £81,000 ... and counting
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I think the general consensus is dont do it. Or if you really have to then make sure you are staying put for some years.
However, I would not want to be servicing a mortgage + rent in this economic climate.
THere are numerous threads on this subject with 'against' beating 'for' so to speak0 -
Rautavaara wrote: »What are people's general thoughts on these schemes?
:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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You may not like it brit1234 (and I don't either), but SO will likely become the de-facto route to new build purchases by first-time buyers. When it comes to housing, this is the only real area where political will exists, despite in reality being more beneficial to developers and land values (land owners) than those seeking a home.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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I know, even heard Grant Schaps talking them up after the first time buyer summit (with no first time buyer representation:mad:).
I just had so many friends who have had problems with them. I even considered them myself a few years ago before I did the sums. Now I am more educated about the schemes I can clearly see they are a scam, I just wish they would disappear and stop trapping new buyers.
:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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All the costs and disadvantages of home ownership with none of the flexibility advantages of renting.
Worst of both workds.0 -
I know, even heard Grant Schaps talking them up after the first time buyer summit (with no first time buyer representation:mad:).
I just had so many friends who have had problems with them. I even considered them myself a few years ago before I did the sums. Now I am more educated about the schemes I can clearly see they are a scam, I just wish they would disappear and stop trapping new buyers.
Yup, I've got a friend too who was taken in by shared-ownership, such was her desperation to "get on the ladder". She's now got a pokey, 1 bed rabbit hutch that she hates living in, cannot sell, cannot rent out and is proving a huge burden since she suffered a pay cut during the recession. It's having an adverse effect on the enjoyment of her 20's.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
LOL ... well, good thing I have stayed away.
Not exactly tempted to look any further now
I guess it's no suprise however that these are becoming more and more common now, especially considering how vastly outpriced most firsttime buyers are in London
Deposit for FTB: £81,000 ... and counting0 -
All the costs and disadvantages of home ownership with none of the flexibility advantages of renting.
Worst of both workds.
+1 on both counts. Would not touch them with a barge pole.
Turnbull2000 (post #4), I seriously doubt that these schemes will appeal to FTBs in any great numbers. Only the seriously financially illiterate ones.Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
Save £180,000 by 31 Dec 2020! 2011: £54,342 * 2012: £62,200 * 2013: £74,127 * 2014: £84,839 * 2015: £95,207 * 2016: £109,122 * 2017: £121,733 * 2018: £136,565 * 2019: £161,957 * 2020: £197,685
eBay sales - £4,559.89 Cashback - £2,309.730 -
I'm the same as Tara757 - wouldn't touch shared equity (and similiar schemes) if my life depended on it!Saving for a deposit for a place of my own.....:jSavings so far £29,450/£40,000:j 73.6% SAVED!!!1poll £23.90/£40.00 (claimed 1x£40)No Monthly Car Payments left! Paid off on the 5/11/10!0
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It's a good way of keeping property prices inflated.
Steer well clear.Thinking critically since 1996....0
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