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Shared ownership/equity is a scam.
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I'm basing my statement on my area (Burton-on-Trent). If a 3 bed semi-detached freehold property came onto the market at £75,000 today it would be purchased by tomorrow.
East Staffordshire. -8.4% YOY. -11% in final quarter of 2010.
Semi-detached in East Staffs -10.6% YOY.
Coming to a street near you?
Oh, I almost forgot to add...
:eek: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 -
You could also say that mortgages are a scam as it allows people to leverage into something that they could not otherwise afford.
The principle is entirely different in that mortgages in themselves are not designed to prop up house prices, nor do they come with the conditions and pitfalls of shared ownership/equity. The risks involved in a mortgage are made clear in mortgage documents.
What is scandalous is supporting mortgagees with SMI.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 -
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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:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S)
Loans cost 2.9% per year (Nationwide) = FREE money.
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I'm not actually denying it's completely over. Actually I think the market will be stagnant for quite a while to come. Small falls, small rises but at the end of two years about the same.
Actually, thinking about it, Orpheo you can place a spread bet on the prices of housing falling. If you are so convinced that they have a lot further to fall then place that bet. You'll hopefully win the bet then can buy at a low price with your winnings as a deposit.:footie:Regular savers earn 6% interest (HSBC, First Direct, M&S)
Loans cost 2.9% per year (Nationwide) = FREE money.
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Thanks...I'm not actually denying it's completely over. Actually I think the market will be stagnant for quite a while to come. Small falls, small rises but at the end of two years about the same.
Actually, thinking about it, Orpheo you can place a spread bet on the prices of housing falling. If you are so convinced that they have a lot further to fall then place that bet. You'll hopefully win the bet then can buy at a low price with your winnings as a deposit.
I don't need to gamble on the housing market. I have all the deposit I need. Currently, my deposit goes up while house prices come down.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 -
and_another_thing... wrote: »Shared Ownership or Shared Equity schemes can benefit the first time buyer. It will benefit me I am sure of it. This is because I didn't stretch myself financially. .
Can help more than prices going lower would?0 -
If prices fell by 50% then obviously that would be far, far better for me as I could then afford to buy without the help of SE/SO. Would be good! However I really don't see that happening in the areas I want to live in now and I doubt that will ever happen. But who knows? For now, though, properties are well out of my reach and I would be spending more money on renting a dingy flat than I am on a mortgage on an OK flat waiting for that to happen.0
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and_another_thing... wrote: »If prices fell by 50% then obviously that would be far, far better for me as I could then afford to buy without the help of SE/SO. Would be good! However I really don't see that happening in the areas I want to live in now and I doubt that will ever happen. But who knows? For now, though, properties are well out of my reach and I would be spending more money on renting a dingy flat than I am on a mortgage on an OK flat waiting for that to happen.
Your age shows......learn from history..or repeat the mistakes..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.0 -
Geoffky - I was writing in response to poppysarah's message.
And please expand...0
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