Co-Ownership

x12yhp

No one is criticising you doing the best you could with what has been made available. What I have issue with is the suggestion that the scheme is good for the wider society as opposed to very exclusively those who avail of it (and even then, it is not guaranteed). I (and others it seems) believe that the scheme is deeply flawed, benefits very few and contributes ongoingly to the problems that we face.

With regards to the 100% mortgages... you weren't a mug going for this and yes, you would have been in a lot more trouble. However, what you did was instead of losing all your dosh by buying at a bad time, you have lost a bunch of public money as well.

saverbuyer

x12yhp wrote: »

No one is criticising you doing the best you could with what has been made available. What I have issue with is the suggestion that the scheme is good for the wider society as opposed to very exclusively those who avail of it (and even then, it is not guaranteed). I (and others it seems) believe that the scheme is deeply flawed, benefits very few and contributes ongoingly to the problems that we face.

With regards to the 100% mortgages... you weren't a mug going for this and yes, you would have been in a lot more trouble. However, what you did was instead of losing all your dosh by buying at a bad time, you have lost a bunch of public money as well.

That and the fact the share could be a 100% mortgage.

i.e. 50% share taken without a deposit. So 100% mortgage on 50% share.

The scheme costs money to manage and administer. I don't really think the state should be giving out loans and manipulating the market making it more expensive for others to buy. If you can't afford to buy then you either lower you expectations or rent.

leskerr

saverbuyer wrote: »

That and the fact the share could be a 100% mortgage.

i.e. 50% share taken without a deposit. So 100% mortgage on 50% share.

The scheme costs money to manage and administer. I don't really think the state should be giving out loans and manipulating the market making it more expensive for others to buy. If you can't afford to buy then you either lower you expectations or rent.

- I didn't receive a handout
- I believe the state has made much more over the years out of appeciation than it has lost through depreciation
- Maybe house prices were pushed up, I don't believe significantly. But you can also argue that if the buyers weren't buying, then the demand would push up rental prices instead.

Les

x12yhp

leskerr wrote: »

- I didn't receive a handout
- I believe the state has made much more over the years out of appeciation than it has lost through depreciation
- Maybe house prices were pushed up, I don't believe significantly. But you can also argue that if the buyers weren't buying, then the demand would push up rental prices instead.

Les

So you couldn't afford to buy a house yourself. You went to the co-ownership people and at the end of it, you were able to buy a house...

So there are two options... either they are very persuasive and were able to get a large price reduction or, and wait for it because this is the clever part, you got a handout.

The latter two points are heresay. Certainly any co-ownership in the last half dozen years will have lost and not gained money as is obvious from the state of the market. Previously the situation may well remain positive for both state and co-owner but the schemes were much less common back at that time. The final point has already been addressed demonstrating that co-ownership was a very significant part of FTB in more recent times and it is cause and effect that it will have impacted the market level.

trush09

Halifax actually do co ownership mortgages not just Ulster Bank. I am trying to get a house through co -ownership however I find co ownership applicants are treated differently. If you agree a price on a house the estate agent will not 'sale agree' it so it sits on the market allowing potential buyers to outbid you. Leads to bidding war and obviously if the deposit came from us directly we'd probably think twice.

I feel like we have to offer more as we're going through Co-O because of the length of time the app takes.

On another note is it just me or are people putting their houses up for ridiculous unrealistic prices still, so much for house prices declining... I find when people have their houses for 'Offers around say 89000,' they actually want 95! Theres still a shortage of houses in my opinion which will keep prices fairly high/stable.

saverbuyer

trush09 wrote: »

Halifax actually do co ownership mortgages not just Ulster Bank. I am trying to get a house through co -ownership however I find co ownership applicants are treated differently. If you agree a price on a house the estate agent will not 'sale agree' it so it sits on the market allowing potential buyers to outbid you. Leads to bidding war and obviously if the deposit came from us directly we'd probably think twice.

I feel like we have to offer more as we're going through Co-O because of the length of time the app takes.

On another note is it just me or are people putting their houses up for ridiculous unrealistic prices still, so much for house prices declining... I find when people have their houses for 'Offers around say 89000,' they actually want 95! Theres still a shortage of houses in my opinion which will keep prices fairly high/stable.

Halifax offer shared ownership mortgages but I don't think they offer co-ownership ones. (I'll call to make sure).

I'm sorry but some of your naivety made me laugh.

You feel you should offer more because of the time it takes to go through co-ownership? Transaction levels are less than half they were 4 years ago. Chains are long, the time it takes to complete is much longer now. You don’t have to offer more because it’s highly highly unlikely someone is in a position to take your place.

This is 2012 not 2007. You shouldn’t overpay on a house because if you look around there are 10 of thousands about and not selling. Some have been on the market for years.

Some people are stupid with their pricing but that doesn’t mean you have to be stupid and offer more. Hopefully the banks/co-ownership surveyor will prevent a waste of public money here.

Oh and by the way average house prices dropped 15% in the last 12 months, 50% in the past 5 years. There’s plenty of supply but zero stability. Prices are definitely not “holding”. Its scams like this, with people trying to overpay with money they haven’t earned that is preventing an all-out collapse.

My advice is to avoid this scam and save for a house you can actually afford.

wanchai_2

What saverbuyer said. ^

Oh and there is no shortage of houses, whatever gave you that idea? :rotfl:

trush09

Well Halifax defo do offer Co. Ive been given a AIP already. I am speaking more about West belfast. Within my price range of max 100000 with co ownership, max 80000 straight mortgage I feel there is definetely a shortage of good houses.

Ex 1: I put an offer in on a house of 69000 of 69000 but someone comes back and offers 75000. I thought in this climate it was a buyers market so I pull out to avoid bidding war.

Ex2: On a house of 89 I put an offer of 84000, declined.

Its not a buyers market as people are saying. It seems people want what they THINK their property is worth and not what it ACTUALLY is worth. I havent seen house prices come down much in west belfast at all.

Plus I didnt mean I have to offer more on Co ownership but estate agents aren't happy about co ownership and would rather straight mortgage so in order to get a co ownership house we would have to up the offer.

saverbuyer

I appreciate not all of West Belfast is the same but just running a property search 226 properties in West Belfast are available under £100,000. Over half the total properties in the West.

Out of 8 properties available on the Falls Road, 7 are under £100,000.

Seems there's plenty of supply. Enough to last a long time.

Don't get bullied by agents. It is a buyers’ market.

http://www.propertynews.com/search/196362262/

Remember an AIP is nothing; you don't get accepted until credit check which happens.

trush09

Thanks I know there is a good few and they've been there a while. Although I have viewed most of those on Falls Road and they need a lot of work done, there is literally a handful which are ready to move into. Out of those Ive viewed 2 need a new roof, most have damp, others need a lot of cosmetic work done. If I go straight mortgage Ive nothing left to do some improvements and if I go co ownership (not ideal I know) then Ill probably end up paying more!

Just wondering from something you said.. I was under the impression with Co -O that the buyer didnt have to pay a deposit, I would like to own 85-90% of a house does that require a deposit? If so then whats the point :cool: