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  • FIRST POST
    • MSE Martin
    • By MSE Martin 26th Jul 06, 5:44 PM
    • 8,111Posts
    • 42,248Thanks
    MSE Martin
    New Buyers Housing Association Search!
    • #1
    • 26th Jul 06, 5:44 PM
    New Buyers Housing Association Search! 26th Jul 06 at 5:44 PM
    I've just received a press release about a new estate agency search, which looks specifically for Housing Association and shared housing properties at www.smartnewhomes.com/Affordable/.

    It seems quite interesting. To be honest, I'm rushed filming and don't have time to check it out properly at the moment.

    Yet so MoneySavers don't miss out I thought I would post the press release.

    Martin

    PRESS RELEASE BELOW!

    Please read with a pinch of salt - remember this is its words - and is written as a 'sell' document to try and get journalists to cover it.


    _____________________________________

    SMARTNEWHOMES.COM THE FIRST TO OFFER LIFE LINE FOR NEW HOME BUYERS

    With rising house prices making it increasingly difficult for first time buyers to step onto the property ladder, and nearly 40% citing high prices as the main barrier preventing them from purchasing a property, Shared Ownership Schemes are providing a life line to many young home owners.

    To make such schemes more accessible for consumers, SmartNewHomes.com is the first of its kind to add a dedicated section to their website, offering first time buyers and key workers an easy and hassle-free way to search for new Housing Association properties in their area.

    With demand for homes predicted to continue rising over the next twenty years resulting in further house price increases, it is proving increasingly difficult for first time buyers to get onto the property ladder.

    As a result, shared ownership schemes are becoming an ever more popular way for first time buyers to get onto the property ladder. However, there are still many potential home buyers out there who are eligible for the scheme but are simply not aware of what is on offer. The schemes allow you to buy a share of the property, and pay rent on the rest – making it more affordable.

    By promoting these properties on SmartNewHomes.com, buyers will be able to find out about what Housing Associations have to offer, and search for relevant properties within their price range.
    David Bexon, Managing Director of SmartNewHomes.com, comments: “The average price for a new home is currently £258,581, yet 40% of visitors to our site are searching for properties within the £150,000 – 250,000 bracket. This has highlighted a gap that needs to be filled and adding Housing Associations’ properties to our site seemed a natural progression.

    “It offers a fantastic opportunity for consumers who are visiting our site to search for a new home that is within their budget. Many buyers are unaware of what Housing Associations have to offer and neglect to consider the concept of shared ownership when considering a purchase.

    “Buyers often assume that they would not be eligible for such schemes and do not know where to look for further information. We have created the dedicated section on our site to allow visitors to search for Housing Association properties and obtain further information which they may have not been previously aware of.”

    Visit www.smartnewhomes.com/Affordable/ for more information.


    Last edited by Former MSE Natasha; 01-08-2006 at 6:40 PM.
    Martin Lewis, Money Saving Expert.
    Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.

    Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.

    Debt-Free Wannabee Official Nerd Club: (Honorary) Members number 000
Page 1
    • lynzpower
    • By lynzpower 26th Jul 06, 7:24 PM
    • 24,746 Posts
    • 39,940 Thanks
    lynzpower
    • #2
    • 26th Jul 06, 7:24 PM
    • #2
    • 26th Jul 06, 7:24 PM
    Moneysavers.

    Do check out whether the sums stack up and it is in fact "affordable". My shared ownership is certainly not affordable to me.
    I worry about the use of the term affordable to be honest, I wonder whether the trading standards should have something to say about it.
    Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
    Theres no dollar sign on piece of mind
    This Ive come to know...
    So if you agree have a drink with me, raise your glasses for a toast
    • MortgageMamma
    • By MortgageMamma 2nd Aug 06, 9:51 AM
    • 6,210 Posts
    • 3,065 Thanks
    MortgageMamma
    • #3
    • 2nd Aug 06, 9:51 AM
    Shared Ownership Mortgages and Adverse Credit Mortgages
    • #3
    • 2nd Aug 06, 9:51 AM
    I think shared ownership is a good idea, and it is useful for some families/FTB's but not all.

    I often get approached by FTB's who have had past credit problems and want to buy a SO property. As their mortgage rates are slightly higher, and they have to pay rent as well, there is often no real benefit of a SO property to these people other than to pay a smaller deposit. Some housing associations I have worked with recently are reluctant to consider SO applicants with this problem. Yet it is generally families and FTB with exactly these circumstances that need SO the most.

    There is also one particular HA at the moment which expects the LENDER to take a second charge on the property for three months, and the reason they give is to stop investors buying SO properties and then selling them for a profit.

    Quite how they expect an "investor" to profit from a 50% share of a new build in 3 months is beyond me, as in this time property prices would not rise enough to cover the costs of getting the mortgage and legals! Infuriating.

    Anyone considering a SO ownership don't let this put you off, but there are a lot of factors to consider when doing this. I know getting on the property ladder and buying your first home is an exciting time, and it's easy to get swept away with the emotion etc, but I would recommend you enlist some help to check your affordability and go through the pro's and cons.

    As for smartnewhomes. This is a great idea to widen the oportunities and choices for SO candidates, but I think more people need to be told about the open market option, which enables a purchaser to buy 75% of the property of THEIR CHOICE, rather than being restricted to just the SO owned new builds.

    The following link may prove interesting for those considering SO

    http://www.housingcorp.gov.uk/server/show/nav.2129
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • F_T_Buyer
    • By F_T_Buyer 2nd Aug 06, 2:19 PM
    • 1,107 Posts
    • 544 Thanks
    F_T_Buyer
    • #4
    • 2nd Aug 06, 2:19 PM
    • #4
    • 2nd Aug 06, 2:19 PM
    Clearly, SNH's are trying to increase the media coverage of shared ownership so they can sell their clients new houses, as most of their properties are simply unaffordable to most.

    Most FTBs I talk to currently rent, and they don't see shared ownership (or shared equity) as an option. Usually the homes are inflated above market values anyway, out weighing any gains from the cheaper rent. Secondly, no one wants half a home, most people want the freedom of fully owning their home, or not at all. If prices rise, you lose out (you have to pay more for the remaining share). If prices fall, you lose out (as fully renting would have cheaper).

    If someone went to buy a affordable tin of beans, you don't walk out of the supermarket with half a tin!

    I actually disagree with shared ownership. All it does is push prices yet higher by increasing liquidity at the bottom rung. Therefore pricing out other FTBs who don't/won't/can't get a shared equity home (there wil never be enough HA homes to help everyone, so some, i.e. the majority, lose out).

    I also disagree to my taxes (via the funding of HAs) being used for this.
    • MortgageMamma
    • By MortgageMamma 2nd Aug 06, 2:39 PM
    • 6,210 Posts
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    MortgageMamma
    • #5
    • 2nd Aug 06, 2:39 PM
    • #5
    • 2nd Aug 06, 2:39 PM
    Clearly, SNH's are trying to increase the media coverage of shared ownership so they can sell their clients new houses, as most of their properties are simply unaffordable to most.

    Most FTBs I talk to currently rent, and they don't see shared ownership (or shared equity) as an option. Usually the homes are inflated above market values anyway, out weighing any gains from the cheaper rent. Secondly, no one wants half a home, most people want the freedom of fully owning their home, or not at all. If prices rise, you lose out (you have to pay more for the remaining share). If prices fall, you lose out (as fully renting would have cheaper).

    If someone went to buy a affordable tin of beans, you don't walk out of the supermarket with half a tin!

    I actually disagree with shared ownership. All it does is push prices yet higher by increasing liquidity at the bottom rung. Therefore pricing out other FTBs who don't/won't/can't get a shared equity home (there wil never be enough HA homes to help everyone, so some, i.e. the majority, lose out).

    I also disagree to my taxes (via the funding of HAs) being used for this.
    by F_T_Buyer
    Buying a property in which you will live in for years is hardly comparable to buying a tin of baked beans which will be consumed immediately now is it.

    You are of course entitled to your opinion but shared ownership is focused at individuals and families who would otherwise not be able to fund the purchase of a property. people who, for example, for their own reasons did not buy before having a family, and now have childcare costs so they can both work which inhibits them from saving as much as they could without those costs. A 5% deposit on 50% share of a property is much more achievable to them. Should they choose to buy a lower market value property using the deposit (say £3,000) for example, what do you think they would get for their money? Not all lot. Perhaps some slum in dealerland. Nobody would want to live and bring kids up in that and why should they if they could have a SA.

    The key to SO is affordability, and the applicants being confident they can afford the repayments. They may be in a position to buy more of the property in future if not all, a process known as staircasing. They may well overpay a little at first but the main aim for most SO applicants is to staircase.

    As for paying more in rent and mortgage than you would do normally, realistically people have to realise that the HA's incur large costs in providing these arrangements and have to keep a positive balance in their accounts. Most HA's are not for profit organisations and do not do this to rip people off but to pay overheads and make provisions to continually be able to offer SO properties to future applicants. I.e. to keep them a going concern.

    Whilst HA's do receive a lot of Government funding on varying levels, I really do not think anyone should object to their taxes being used in this way. The way I look at it is I would rather my tax went into something positive and constructive such as this, than funding private day centres for people who stick needles into themselves, or towards HB and IS for people who have turned 18 signed on and never worked a day in their lazy arsed lives.
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • F_T_Buyer
    • By F_T_Buyer 2nd Aug 06, 4:12 PM
    • 1,107 Posts
    • 544 Thanks
    F_T_Buyer
    • #6
    • 2nd Aug 06, 4:12 PM
    • #6
    • 2nd Aug 06, 4:12 PM
    Buying a property in which you will live in for years is hardly comparable to buying a tin of baked beans which will be consumed immediately now is it.
    by MortgageMamma
    The hole point (jokingly I admit) is that a tin of baked beans is still not affordable if you only buy half. So, buying 50% of a house does not make it affordable, as you have only getting half of what you would otherwise get.

    What you fail to understand is there will always be FTBs priced out, there is x number of FTBs with y number of houses available. Prices will always rise or fall to balance supply and demand. If you increase the purchasing power for a very small group of FTBs, it is to the detriment of all the other FTBs as it pushes prices up.

    The whole point of shared ownership is to make it look like the government is doing something, whereas it is only making the situation worse. I'm sure lots of people will shout me down saying how someone they know has benefited, but they fail to look at the macro picture, in that everyone else who hasn't bought loses out.

    It's also a double wammy with the taxes going towards this. To compare to the welfare state is another debate in itself, but as this government is massively in debt they should not be funding (and distorting) markets in this way.
    • MortgageMamma
    • By MortgageMamma 2nd Aug 06, 4:51 PM
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    MortgageMamma
    • #7
    • 2nd Aug 06, 4:51 PM
    • #7
    • 2nd Aug 06, 4:51 PM
    I can see your point regarding SO distorting the balance of supply and demand but I doubt the removal of SO would have a significant enough impact on the housing market as to drive prices down to the level on which buyers can comfortably afford.

    What I do know is that there is a need for affordable housing, and considering on a rather simplistic view of supply and demand, if the HA's and Government didnt promote SO and make this facility available to those in need, I'm quite sure some big fat rich smart !!!! from the private sector would be baking pies and rubbing his greedy hands trying to make money from a similar arrangement!
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • jazzyjustlaw
    • By jazzyjustlaw 2nd Aug 06, 8:27 PM
    • 1,335 Posts
    • 1,846 Thanks
    jazzyjustlaw
    • #8
    • 2nd Aug 06, 8:27 PM
    • #8
    • 2nd Aug 06, 8:27 PM
    The hole point (jokingly I admit) is that a tin of baked beans is still not affordable if you only buy half. So, buying 50% of a house does not make it affordable, as you have only getting half of what you would otherwise get.

    What you fail to understand is there will always be FTBs priced out, there is x number of FTBs with y number of houses available. Prices will always rise or fall to balance supply and demand. If you increase the purchasing power for a very small group of FTBs, it is to the detriment of all the other FTBs as it pushes prices up.

    The whole point of shared ownership is to make it look like the government is doing something, whereas it is only making the situation worse. I'm sure lots of people will shout me down saying how someone they know has benefited, but they fail to look at the macro picture, in that everyone else who hasn't bought loses out.

    It's also a double wammy with the taxes going towards this. To compare to the welfare state is another debate in itself, but as this government is massively in debt they should not be funding (and distorting) markets in this way.
    by F_T_Buyer
    I agree 100%. I used to be desperate to own my own propery but not any more. I wanted to own 100% in the area I was brought in not 50% or an interest only you might as well rent. I have lots of friends with excellent jobs living at with parents and friends well into their 30's, I believe that has got to affect the market at some stage. However, everyone is in an absolute frenzy to buy a house - attitudes need to change.

    Firstly, you are paying to live somewhere, okay it may be an investment but the price you see is not the price you pay and what happens when you die, you cannot take it with you. Also more people are in the Inheritance Tax threshold so even their families lose out. Oh and in 100 years not only will we all be dead but our houses will probably be gone as well and to think all that worry sweat and tears!!
    All my views are just that and do not constitute legal advice in any way, shape or form.£2.00 savers club - £20.00 saved and banked (got a £2.00 pig and not counted the rest)Joined Store Cupboard Challenge]
    • jazzyjustlaw
    • By jazzyjustlaw 2nd Aug 06, 8:38 PM
    • 1,335 Posts
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    jazzyjustlaw
    • #9
    • 2nd Aug 06, 8:38 PM
    • #9
    • 2nd Aug 06, 8:38 PM
    I am a client of MM's and in the process of buying a shared ownership property. If we didnt have this chance to buy we would be saving up forever as house prices are rising quicker than we can save/quicker than our pay. It will be nice to have our own home that nobody can take away and know that home improvements are for our benefit and not some landlords.

    MM was very kind explaining the pro's and cons, and my intial two hours with her really opened our eyes. We know we can afford our mortgage, and the rent, and all the insurance we need now and feel content knowing that we are well protected. when it comes to buying out the property completely hopeully in two years we will definately be speaking to her again

    Its nice to speak to an advisor who grew up in a deprived area and a family without much money and be able to relate to them about future plans. Its also good to see someone who came from similar background to me do so well for themself.

    But the best thing about this so far is the process is going well, and in 3 weeks time my kids will have their own garden to play in for the first time ever and we can tell the council where to stick the 2 bed 5th floor flat we have wanted to get out of for so long.
    by Snippy30
    Point taken but I just wonder if there is a better way.
    All my views are just that and do not constitute legal advice in any way, shape or form.£2.00 savers club - £20.00 saved and banked (got a £2.00 pig and not counted the rest)Joined Store Cupboard Challenge]
    • MortgageMamma
    • By MortgageMamma 2nd Aug 06, 8:41 PM
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    • 3,065 Thanks
    MortgageMamma
    I am a client of MM's and in the process of buying a shared ownership property. If we didnt have this chance to buy we would be saving up forever as house prices are rising quicker than we can save/quicker than our pay. It will be nice to have our own home that nobody can take away and know that home improvements are for our benefit and not some landlords.

    MM was very kind explaining the pro's and cons, and my intial two hours with her really opened our eyes. We know we can afford our mortgage, and the rent, and all the insurance we need now and feel content knowing that we are well protected. when it comes to buying out the property completely hopeully in two years we will definately be speaking to her again

    Its nice to speak to an advisor who grew up in a deprived area and a family without much money and be able to relate to them about future plans. Its also good to see someone who came from similar background to me do so well for themself.

    But the best thing about this so far is the process is going well, and in 3 weeks time my kids will have their own garden to play in for the first time ever and we can tell the council where to stick the 2 bed 5th floor flat we have wanted to get out of for so long.
    by Snippy30
    :rolleyes2 what a lovely thing to say - I'm blushing now!!! and for once in my life I'm
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • lynzpower
    • By lynzpower 2nd Aug 06, 9:52 PM
    • 24,746 Posts
    • 39,940 Thanks
    lynzpower
    the other downer of shared ownership is if for illhealth or any other reason you cant work, you wont get HB for the full amount which you would ( after 9 months admittedly) in respect of the mortgage, or of the rent, but as I was told today, not both.
    Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
    Theres no dollar sign on piece of mind
    This Ive come to know...
    So if you agree have a drink with me, raise your glasses for a toast
    • MortgageMamma
    • By MortgageMamma 2nd Aug 06, 10:02 PM
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    • 3,065 Thanks
    MortgageMamma
    Yes but if you could take an Mortgage Payment Protection Policy or Permanent Health Insurance policy this should not be a problem as your mortgage would be paid for you upon a sucessful claim...
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • wearewolves
    Shared Ownership can be great (caveats apply!)
    I work for a local authority and amongst my responsibilities I develop large amounts of shared ownership homes, the large majority of which are provided without any public subsidy but rather through Planning deals with private developers. The major key to the affordability is the percentage of rent charged on the unpurchased part. The government has set an upper limit of 2.75% for projects it funds meaning on a 3 bed property valued at £150,000 you would end up paying about £172 per month on top of any mortgage payment of around £475. In this area the private rent would be at the lowest level only about £50-75 below this. For this you get a 50% stake in a brand new property.

    What I focus on is driving down the rent on the unsold part of the house price. The latest deal I have arranged is that will be set at 1% meaning the rent above would drop to £62, a total monthly cost of £540. This is below the level of private renting and most people believe is a good deal for them compared to trying to save up whilst living in private rented accommodation you can be turfed out of with just 2 months notice.

    The trick is to work with the right housing associations who share the understanding of what it is like to struggle onto the housing ladder and who will therefore stretch their financial appraisals to maximise affordability. Hence the tip as ever is to shop around and see what different associations have on offer. The new 'Zone Agents' will not have all the shared ownership homes available in your area - it will only deal with those that are directly funded from government, a flaw in the new system.

    Shared ownership is also limited to people who don't already own another property which in an area where investors and buy to let landlords are simply too powerful when 'starter homes' (that are also the ideal private rented home) come onto the market, is a vital feature for people trying to buy with limited resources.

    I disagree completely with the macro economic argument on new build shared ownership products. These are properties specifically constructed for this purpose so there is no question of increasing money supply and hence having an inflationary effect. I see the argument for the equity loans on offer and believe that these funds should be targeted to increasing supply not demand.

    The real issue is the suspicion this is viewed with by many people when, unfortunately, it is many working people's only realistic chance of getting on the property ladder, an aspiration for the vast majority of the population, unless they are fortunate enough to have parents wealthy enough to give them a leg up. Anyway, I've rambled on far too long now!
    • MortgageMamma
    • By MortgageMamma 3rd Aug 06, 9:28 AM
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    MortgageMamma
    Thanks for the insight
    Hi Wearwolves

    Thanks for the insight into the funding of shared ownership properties, that was really useful.
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • richiethekid
    Question for the mortgage experts on here: how affordable would one of these properties actually be? Followed the link and can't find anything suitable in my area (I'd need 3 bedrooms to make it viable long-term) for under £250k. So with shared ownership, what would a £250k property actually cost in terms of deposit and monthly payments?
    • Bargain Rzl
    • By Bargain Rzl 3rd Aug 06, 9:38 AM
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    • 21,392 Thanks
    Bargain Rzl
    I work for a local authority and amongst my responsibilities I develop large amounts of shared ownership homes, the large majority of which are provided without any public subsidy but rather through Planning deals with private developers. The major key to the affordability is the percentage of rent charged on the unpurchased part. The government has set an upper limit of 2.75% for projects it funds meaning on a 3 bed property valued at £150,000 you would end up paying about £172 per month on top of any mortgage payment of around £475. In this area the private rent would be at the lowest level only about £50-75 below this. For this you get a 50% stake in a brand new property.
    by wearewolves
    I live in London and am in the process of buying an SO property with a 40% buy/60% rent split ... It is not publicly funded and the rental element is set at 3% ... When the mortgage, rent and insurance are all added together, they come to significantly LESS than either buying OR renting outright ... In fact you can throw in the service charge and STILL come up with a lower figure than I had thought I would have to pay on the open market for a small studio in need of work (for which I'd have had to continue to save nearly half my salary for at least the next six months) ... Instead I am getting a brand-new, nicely-finished one-bedroom flat which is near enough to my workplace to improve my current quality of life significantly ... I'm not looking for an investment (I'm single and likely to remain so, no dependants, can't take it with you) ... What I, and many others in my position, require is a HOME ... I've been living in shared houses and bedsits for the last 7 years and have periodically been forced to move on because of the circumstances of landlords/flatmates ... I disagree with the earlier point "Nobody wants half a house" ... Having equity in property is not especially important to me ... I just need somewhere to put down some permanent roots, a degree of protection from future rent rises (I'm also intending to overpay the mortgage from an early stage to minimise the effect of rent rises) ... and a place to call home that isn't the flea-pit I live in at the moment ... I know I'm biased but this seems to be the ideal solution for me - and TBH I wasn't even thinking about SO until this particular property presented itself ... Just my 2p worth
    Operation Get in Shape
    MURPHY'S NO MORE PIES CLUB MEMBER #124
    • Bargain Rzl
    • By Bargain Rzl 3rd Aug 06, 9:41 AM
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    • 21,392 Thanks
    Bargain Rzl
    Sorry - edit to previous post (can't use the edit function due to tech problem on this PC which is also the reason I can't do paragraphs) ... Of course I meant "I'm also intending to overpay the mortgage from an early stage to minimise the effect of INTEREST RATE rises"
    Operation Get in Shape
    MURPHY'S NO MORE PIES CLUB MEMBER #124
    • MortgageMamma
    • By MortgageMamma 3rd Aug 06, 2:21 PM
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    MortgageMamma
    Question for the mortgage experts on here: how affordable would one of these properties actually be? Followed the link and can't find anything suitable in my area (I'd need 3 bedrooms to make it viable long-term) for under £250k. So with shared ownership, what would a £250k property actually cost in terms of deposit and monthly payments?
    by richiethekid
    How much the mrotgage would could would depend on the following factors.

    1. % of property being purchased
    2. HOw much, if any, deposit you have
    3. Your credit status, adverse credit always means higher mortgage rates
    4. The lender and product that is chosen, and whether there are many upfront fee's or they are all added to the loan
    5. Don't forget you will need buildings insurance, mortgage payment protection andif you have dependents life cover.
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • richiethekid
    So buying 50% ownership that would be a mortgage for £125k (minus deposit), plus buildings insurance and mortgage protection (which obviously I don't need at the moment as I'm renting), plus the rent on the other 50% of the property.

    That's considerably more expensive than renting I reckon.
    • MortgageMamma
    • By MortgageMamma 3rd Aug 06, 2:38 PM
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    MortgageMamma
    So buying 50% ownership that would be a mortgage for £125k (minus deposit), plus buildings insurance and mortgage protection (which obviously I don't need at the moment as I'm renting), plus the rent on the other 50% of the property.

    That's considerably more expensive than renting I reckon.
    by richiethekid
    Depends on what/where/who you rent from. Look into it and see for yourself, thats the best way. The key is that you are actually OWNING part of what you buy, so you money is going to better use than 100% renting.
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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