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Dean_W
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posted on 13th Dec 07 at 17:09 |
Best bet is to go and see an independant mortgage advisor. Not one that works in an estate agents, coz there wank.
Independants will deal with nealry every company and give you the best deal. Also, some mortgage companies don't do shared ownership houses.
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hack3tt
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posted on 13th Dec 07 at 16:01 |
quote:
Originally posted by Dean_W
Another thing is if you can't afford a ture 100% mortgage, you can at least put your money into something that gains money, unlike renting where all you do is pay off someone elses investment.
Exactly my thought!
In your case, you may well have only made ahlf the 20k increase but at least you made that rather than nothing in rented accomodation!!
I was very sceptical when the missus' first mentioned it but after looking into it, seems like a great scheme.
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Dean_W
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posted on 13th Dec 07 at 15:53 |
Another thing is if you can't afford a ture 100% mortgage, you can at least put your money into something that gains money, unlike renting where all you do is pay off someone elses investment.
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dannymccann
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posted on 13th Dec 07 at 15:48 |
all this does sound promising, will definetly have to look into it more come nearer the time, thanks very much :)
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Dean_W
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posted on 13th Dec 07 at 13:12 |
50% ownership is a good idea. One of the downfalls being that like my house, it has gained 20K in value over 3 years. I will only see 10K of this.
You need to be approved to buy it, as they are for people who don't earn a lot. Example, mine was earnign under combined £26K, which at the time I was.
You can't go knocking walls thorugh and what not, but you can pretty much do what you like.
My mortgage and rent equals around what the mortgage for 160K would be. But, I can't get a mortgage for that, so it's a good idea.
Rent depends on area and a few other factors. Most of the time they are on private estates aswell. So its all kept tidy.
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hack3tt
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posted on 13th Dec 07 at 12:29 |
quote:
Originally posted by dannymccann
all sounds quite good then, when you say mortgage half and rent half, for the example in my first post I would be paying near enough £600 a month mortgage (capital repayment) on that but then how much rent on top of that would it be?
The rent would be about £250 on a £90,000 share.
Then you have to pay Bldg Insurance to them as well as they insure the buildings on your behalf for £13.5 per month.
THis is all based on the development i am buying of course but would think it would be similar if not the same.
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dannymccann
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posted on 13th Dec 07 at 11:46 |
all sounds quite good then, when you say mortgage half and rent half, for the example in my first post I would be paying near enough £600 a month mortgage (capital repayment) on that but then how much rent on top of that would it be?
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hack3tt
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posted on 13th Dec 07 at 11:04 |
hahahaha!!!!!!!!!!!!!!
First time i have really talked about the hosue!! so got a bit carried away.
There are certain restrictions on them but not by your job etc etc that was part of a seperate scheme.
You basically have to be a first time buyer nad "not be able to afford to buy on the open market". but that refers to the type of house.
I am buying a 205k house which i couldnt afford to buy so i qualify.
Basically, if you were considering this as an option you are more than likely going to qualify becasue you wouldnt do it if you could afford the house outright.
When you contact them they will make you fill in an application for the scheme and then give you a rating of 1-3. 1 being 1st choice.
We are level 3 so we wouldnt get it over someone with a 1 rating but wasnt a problem when we applied, We got the plot we wanted.
The bigger the house the fewer people on the scheme anyway so works in your favour!!
They will tell you all this when you contact them anyway!!! I only got in touch with them 8 weeks ago and now i am just waiting on solicitors to complete!!
Possibly next week but more likely first week in January!!
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DBenson
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posted on 13th Dec 07 at 10:46 |
quote:
Originally posted by C0rsa
The other 50% is owned by the loacal housing authority!!!
Basically you own the 50% outright and then you can buy 10 or 25% shares as you can afford more until you own the entire property!!
When you come to sell you get a valuation and then you have have to give the authority first option to buy your share but if they decline you sell it as normal!! ONce you own 100% its is your home and sell as normal!!
Good sheme and means you can buy a good house now and then buy the other half when you can!!
speak to the local authroity and they will provide you details of some FA's in your area who are familar with the scheme!!
Wow you're an easily excited kind of chappy aint ya with all your exclaimation marks there!!!!! haha.
On another note...
Aren't these properties only eligible for certain people ie: police, nhs staff, firemen, school teachers etc etc though?
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Robbo
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posted on 13th Dec 07 at 09:41 |
One word of warning though, these are classed as leasehold properties, not freehold... not a big deal but something to be aware of
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Russ
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posted on 13th Dec 07 at 09:38 |
yeah basically, you mortgage half and rent half, the more you buy the less you rent
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hack3tt
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posted on 13th Dec 07 at 09:37 |
i am about to complete on a new build in the next few weeks on the same scheme in Coventry so if you need any more details jsut ask!!
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hack3tt
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posted on 13th Dec 07 at 09:36 |
The other 50% is owned by the loacal housing authority!!!
Basically you own the 50% outright and then you can buy 10 or 25% shares as you can afford more until you own the entire property!!
When you come to sell you get a valuation and then you have have to give the authority first option to buy your share but if they decline you sell it as normal!! ONce you own 100% its is your home and sell as normal!!
Good sheme and means you can buy a good house now and then buy the other half when you can!!
speak to the local authroity and they will provide you details of some FA's in your area who are familar with the scheme!!
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dannymccann
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posted on 13th Dec 07 at 09:26 |
http://www.rightmove.co.uk/viewdetails-17727791.rsp?pa_n=1&tr_t=buy
The house in question as you can see is a 50% share. When I start working in a year or so's time I'm looking to mortgage around the newark area (obviously as long as I can get a job there, but its a nice central area for motorways and nipping home every now and then). Looking to spend around £80 - 90k and just had a quick search on rightmove but im unsure as to what this 50% business is.
50% will be mine obv but what happens with the other 50%? Estate agents own it? When you come to sell what happens? Worth it on a property like this, because with it being new should need minimal internal changes?
Cheers
[Edited on 13-12-2007 by dannymccann]
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