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Question about part buy part share !

alibaba24
alibaba24 Posts: 13 Forumite
Fifth Anniversary First Post
in House buying, renting & selling
As we know part buy part share is the step forward to get on to the property ladder by low earners.

I was reading on some blogs and website that council can still help towards the rent part if struggling but they are liable for their own mortgage?

Can someone share the advice and especially those are on part buy/share ownership.

Thanks

Comments

  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    edited 8 March 2019 at 7:15PM
    You have to pay a mortgage and the rent on a shared ownership property. The bit about the rent is if you lose your job and have to claim benefits. You can't start out like this because you need an income for the mortgage. If you don't pay the mortgage for any length of time the house will be repossessed and you will lose it. The whole thing has to be affordable for you from the start.
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