Co-Ownership

saverbuyer

trush09 wrote: »

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:

Yes. If you want to own anything over 75% you need to fund a 5% deposit. In which case what's the point, a bank will likely give you a mortgage with a 5% deposit.

Unless of course you can't afford it to begin with in which case co-ownership lets people who can't really afford a house get one. It's basically reckless lending with tax payers money that inflates the price for the other tax payers.

It only benefits existing homeowners which is why few people see it as the con it is. If I said to people there's a government scheme which adds 20% to the price of petrol they would be up in arms. (I know I'm not comparing like for like)

Oh and by the way if you have saving over £5,000 you are automatically exempt. So you can't set money aside to do a place up.

So all you have to do it prove you don't save and can’t afford a house and hey presto the government will give you a loan.

trush09

Hmm didnt know that thanks, I wonder if Halifax offer mortgages with 5% deposit I doubt it though. I'm not lucky enough to have savings, mum and dad would pay 5000 deposit and id be scraping together the rest, Ive a AIP for 80000, which I can afford big time but I did want to avoid the deposit and use the cash for home improvements..Will have to look into it all must ring Co Ownership folk to see what they say Cheers