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Buying schemes
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Ybe
Posts: 433 Forumite

Am I right in thinking that with buying schemes like help to buy and shared ownership you’re always gambling more based on the market conditions and your own circumstances? Compared to a normal mortgage. I’m coming to the conclusion that if resales are affordable, it is better financially as it is less risk. The main attraction of buying schemes for me is that you get a nice new build but as I’m looking for a 1 bed as a starter home, i am worried about the resale value.
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I always think you're better trying to stretch to a 2 bed if at all possible as the resale value is so much better and if needed you can always get a lodger to cover the additional mortgage costs if required.1
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Cheese1990 said:I always think you're better trying to stretch to a 2 bed if at all possible as the resale value is so much better and if needed you can always get a lodger to cover the additional mortgage costs if required.0
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I would not go so far as calling it a gamble.
These schemes help you buy something that you (perhaps) could not otherwise afford or would take many years to save up a deposit for. Obviously you are stretching your finances so that has its own cons.
You could perhaps wait for the new first homes scheme. Less gimmicky, genuine discount and a normal mortgage.0
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