Unmortgage.com anyone used???

Emmyflower

Long story short....small deposit...renting is too expensive...shared ownerships literally non existant in my area....so is this a solution???
My husband and I have 2 children aged 4 years and 4 months.
Husband works full time as a Plumber. I am currently on maternity leave. I normally work as a supply teacher only 1 day a week.
We have £10,0000 for a deposit.
Husbands credit isnt great.
So what do we do?
Renting is expensive...we cant afford to save whilst renting. The last 12 months have lived with parents just to save. This is now not an option.
What is the solution??? Is this it??

I have terrible anxiety problems worrying about a permanent home for my children!
Any help greatly...and i mean greatly! Appreciated!

MyOnlyPost

We're going to need more information. What are house prices in your area? How much are rentals?

Across the country renting is more expensive than a mortgage in some places, and about the same as a mortgage in others.

As unmortgage are a profit making business have you any figures to ilustrate what it will cost you if you used them?

bruich76

If you have £10,000.00 for a deposit then you have enough money to buy a house. It might not be the best house in the world - but you have a house nonetheless. If you cannot afford in the area where you live currently then consider moving towards a slightly less desirable location or cheaper options nearby.


Unless you are willing to comprise as above then you need to rent. Sorry, to say. Most peoples first houses are garbage - I know mine was. It's all about up scaling.

glentoran99

search on here there is a thread somewhere where an owner comments on it, he was pretty much taken apart as a bad idea

ThePants999

Actually, IMO, he was "taken apart" by people who didn't post any sort of reasoned argument but just yelled "scaaaaaam" because it's new and unproven. I happen to think it's a rather good idea.

Edit: previous thread at https://forums.moneysavingexpert.com/discussion/comment/71879378#Comment_71879378 - the Unmortgage rep's post got deleted, presumably cos he didn't get permission to post in an official capacity.

davidmcn

ThePants999 wrote: »

Actually, IMO, he was "taken apart" by people who didn't post any sort of reasoned argument but just yelled "scaaaaaam" because it's new and unproven. I happen to think it's a rather good idea.

I think we were mainly suspicious because he wasn't offering much explanation of how it was actually meant to work.

And their website is still broken.

glentoran99

ThePants999 wrote: »

Actually, IMO, he was "taken apart" by people who didn't post any sort of reasoned argument but just yelled "scaaaaaam" because it's new and unproven. I happen to think it's a rather good idea.

Edit: previous thread at https://forums.moneysavingexpert.com/discussion/comment/71879378#Comment_71879378

there was an element of that yes but also some very valid points remained unanswered

ThePants999

glentoran99 wrote: »

there was an element of that yes but also some very valid points remained unanswered

Which ones?

glentoran99

ThePants999 wrote: »

Which ones?

a quick glance, the management/maintenance aspect. Why would an investor do this when the return would be less than traditional methods?


its all very wishy washy,


In theory its a good idea but details need fleshed out a bit

Emmyflower

I live in Cornwall. Everything is expensive.
There are houses in the surrounding areas that may be cheaper but miles away from my daughters school.
Also as mentioned credit rating makes getting a larger mortgage harder for us.

ThePants999

glentoran99 wrote: »

a quick glance, the management/maintenance aspect. Why would an investor do this when the return would be less than traditional methods?

I believe I answered that in my replies to AdrianC.

glentoran99 wrote: »

In theory its a good idea but details need fleshed out a bit

That, I do very much agree with - if I were considering using them, I'd want a TON more information than was on their website last I saw