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is shared ownership bad?
robwend
Posts: 2,919 Forumite
if your not having a mortgage for your share and just paying the rental for the half they own what could go wrong?, are they tricky to get out of? i mean i understand you could loose some cash if house prices drop because they want there share back in full but other than that what else could go wrong i havnt thought about?
You're not drunk if you can lie on the floor without holding on
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Comments
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Without getting into the pros and cons of individual schemes, all I will say is that when shared-ownership starts to be heavily promoted as a way of "getting on the ladder" (as it is now), I know from experience that we are in an unsustainable housing price bubble.
It is a key indicator - along with 100%+ mortgages, 5,6,7 times salary mortgages and IO mortgages being heavily promoted too.
Then we have buying with friends, buying with strangers, buying a boat, buying with parents' help, buying your parents' council house, buying abroad, ..................................................................................................................................
I could go on.
The fact remains that house prices have got too high for the average (and in some cases above average-earning) people and some are desperate to buy at all costs, just to "get on the ladder"
It cannot last and something has got to give.dolce vita's stock reply templates
#1. The people that run these "sell your house and rent back" companies are generally lying thieves and are best avoided
#2. This time next year house prices in general will be lower than they are now
#3. Cheap houses are a good thing not a bad thing0 -
dolce_vita wrote: »...all I will say is that when shared-ownership starts to be heavily promoted as a way of "getting on the [strike]ladder[/strike] pyramid" (as it is now), I know from experience that we are in an unsustainable housing price bubble.dolce_vita wrote: »The fact remains that house prices have got too high for the average (and in some cases above average-earning) people and some are desperate to buy at all costs, just to "get on the [strike]ladder[/strike] Pyramid"
Need to use the right word!Bankruptcy isn't the worst that can happen to you. The worst that can happen is your forced to live the rest of your life in abject poverty trying to repay the debts.0 -
dolce vita's stock reply templates
#1. The people that run these "sell your house and rent back" companies are generally lying thieves and are best avoided
#2. This time next year house prices in general will be lower than they are now
#3. Cheap houses are a good thing not a bad thing0
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