SHAREDOWNERSHIP is FANTASTIC!

geoffky

fingers crossed indeed....if only you knew..

St00zer

k1985

You ommited the fact that you had credit problems in the past when asking me for my thoughts. I should add that if you are not good with managing your finances and have credit issues then SO is a big no no.

I gave my thoughts on the assumption that your financially sound and know how to manage your finances, I think SO is really a scheme for people with good finances and can meet unexpected hikes in costs.

adindas

Just wonder whether people allowed to let their part of their property while on SO ?

I understand that the maximum ownership is something like 75% in the first instance. But are people allowed 100% ownership in the future if they could afford it ?

If so than it seems it is really a good bargain. People get a flat in a prime location with subsidized rate. It seems like getting a council house from the government.

mr_fishbulb wrote: »

Got a friend who is thinking of buying a 20% share of a 2 bed apartment. 20% of 2 bedrooms! Plus he needs someone to move into the other room so he can afford the mortgage + rent.

Crazy times my friends. Crazy times.

adindas

If you pay a mortmage once you finish paying that mortgage you officially own part of those property. If the property market keep going your share will follow.

If you rent you will never own part of that property.

St00zer wrote: »

Vesimisr

Google shared ownership properties

I would walk away from this development though as Service charge is expensive and rent is the same as paying interest on a mortgage so does'nt really feel like it is subsidised and thus affordable and rent will also increase annually, infact it seems it is cheaper for you to rent then buy this flat. Shop around there are better deals....Probably worth looking in differnet boroughs too



Total Property Cost: £330,000
Share I plan to buy: 45% (£148,500)
Rent (2.75% on remaining share): £416 pcm (55% = £181,500)
Service Charge: £3000 pa (YES £250 pcm)
Lease: 125 years
Mortgage payment: £575 pcm
Total monthly payments currently: £416+£250+£575 = £1241 pcm

k1985

St00zer wrote: »

k1985

You ommited the fact that you had credit problems in the past when asking me for my thoughts. I should add that if you are not good with managing your finances and have credit issues then SO is a big no no.

I gave my thoughts on the assumption that your financially sound and know how to manage your finances, I think SO is really a scheme for people with good finances and can meet unexpected hikes in costs.

Please bear in mind the fact that these 'credit problems' cropped up whilst at university at the age of 19. I have, other than that, a perfect credit record with no missed or late payments in 5 years.

Funny how you instantly get tarred with being bad at managing your finances from a teenage mistake, despite the vast majority of your adult life being run perfectly with no issues whatsoever!