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One for the shared ownership people
ShAnE
Posts: 275 Forumite
Hi all,
A little bit of background information about me. I currently rent a room for £400 a month, and am saving towards a deposit which I estimate i'll need to do for another 2-4 years yet to get a decent sized one.
To be honest i've never really entertained the idea of buying a place using any of the available scheme's out there, as I feel they are just propping up the housing market.
However I always like to have a browse every now and again to see what is available and this one caught my attention.
http://www.lqgroup.org.uk/sales-and-rentals/our-properties/945/cumbria-court/?SearchGUID=201352115926#
But I am wondering where the drawbacks lie. A 3.99% mortgage would cost around £486 a month, and with the rent and service charge, it'll come to a total of around £712 a month.
With these sorts of scheme's are rents/service charges likely to increase at all? Above inflation? Wildly? Etc.
This isn't a question on renting vs buying, but just on how these scheme's really work from someone who has been through the process, as i've read many of the threads on here, but not a lot of it sticks in.
Thank you.
A little bit of background information about me. I currently rent a room for £400 a month, and am saving towards a deposit which I estimate i'll need to do for another 2-4 years yet to get a decent sized one.
To be honest i've never really entertained the idea of buying a place using any of the available scheme's out there, as I feel they are just propping up the housing market.
However I always like to have a browse every now and again to see what is available and this one caught my attention.
http://www.lqgroup.org.uk/sales-and-rentals/our-properties/945/cumbria-court/?SearchGUID=201352115926#
But I am wondering where the drawbacks lie. A 3.99% mortgage would cost around £486 a month, and with the rent and service charge, it'll come to a total of around £712 a month.
With these sorts of scheme's are rents/service charges likely to increase at all? Above inflation? Wildly? Etc.
This isn't a question on renting vs buying, but just on how these scheme's really work from someone who has been through the process, as i've read many of the threads on here, but not a lot of it sticks in.
Thank you.
Current Debt: 0%.
Current House Deposit: 7%.
0
Comments
-
id pay a financial expert to look at any shared ownership deal
its always the small print that needs looking at
saving for a deposit while paying rent--all credit to you
good/luck£48515 interest £181 (2009)debt/mortgage-MFIT/T2/T3
debt/mortgage free 28/11/14
vanguard shares index isa £1000
credit union £400
emergency fund£500
#81 save 2018£42000
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