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Shared ownership!
ecclesto
Posts: 272 Forumite
I have just seen a house for sale under Shared ownership for £81,000. Could someon please explain how this works and is it a good idea. I rent my house out at the moment (waiting for house prices to rise!) and could easily borrow against that. Also, could I rent out a shared ownership house?
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Comments
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No you must live in the property as owner occupier if the housing association owns the other share.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
It is a good way to getting onto the property market but unlike ourseleves you need to save a little each month so you can buy the other bit (outstanding balance) rather than having to move property or pay inetrest charges to the 3rd party.
It depends also if it is a private builder having a % in the house or if its a housing association/council.
If it is a private builder and its on like a 5 year term after the 5 years you either pay the outstanding amount or you pay a % per month a bit like a rent. also the builder has second charge so banks see it as you own it not part own it.
hope that helps0 -
You need to read this excellent thread. The OP of this thread knows what's what.
https://forums.moneysavingexpert.com/discussion/3177256
It is just waiting to be stickied.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 -
Shared ownership schemes are aimed at people who do not already own a property, and can't get a mortgage for 100% of the asking price. The fact that you already own a house will disqualify you, and you are not normally allowed to sublet a shared ownership house.
See also
https://forums.moneysavingexpert.com/discussion/3107658Marsh Samphire0 -
I know the above is a bit tongue in cheek but we really could do with a sticky with links to the topics that come up every day on here - but then I guess people wont bother to read the sticky like they don't bother to read other posts.
:mad:Proud meowmy of four fuzzy cats
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