1st Time Buyer - Co Ownership

katie1234

Just thought i would give you my opinion of coownership for another side of the coin.

CO own a percentage of the current value of your house not the value it was bought at.

You staircase at current market value paying a percentage of what the house is now worth not what you paid.

Unlike the English scheme it does not have to be new build nor will you sell it as a CO house. It will be sold the same way any other house is sold. People buying it do not have to do so through CO housing.

If prices continue to fall CO lose money as well, they make money when prices start to rise.

If you want to own and are happy to do so now its not a bad scheme. not the 'scam' it appears to be in England. Dont mix up the 2 as they hav very different t&c's.

saverbuyer

katie1234 wrote: »

Just thought i would give you my opinion of coownership for another side of the coin.

CO own a percentage of the current value of your house not the value it was bought at.

You staircase at current market value paying a percentage of what the house is now worth not what you paid.

Unlike the English scheme it does not have to be new build nor will you sell it as a CO house. It will be sold the same way any other house is sold. People buying it do not have to do so through CO housing.

If prices continue to fall CO lose money as well, they make money when prices start to rise.

If you want to own and are happy to do so now its not a bad scheme. not the 'scam' it appears to be in England. Dont mix up the 2 as they hav very different t&c's.

I see from your previous posts you were stuck in negative equity Katie and couldn't sell. Would you still recommend the scheme even with your difficulties and how you got caught up in the buying fever during 2007?

katie1234

Would def recommend CO and if i hadnt bought when i did i would still buy with this scheme.

However buying when i did caused my problems, CO has been my only silver lining causing me to lose half the value the house not the full 100% meaning i can buy some of the house cheaper now if i wanted or sell and cut my loss.
If id bought the full house i really would be here forever.

The only thing i would say would be to do what u want to do. Not what parents, mortgage advisors and def not what estate agents advise you to do. You will live with whatever decision you make not them so you need to feel comfortable with what you decide.

Its a good way of getting on the ladder and if prices do drop you can staircase at a reduced price. If in a few years you could afford to buy the whole house i would wait. If not, then i would go ahead with it.