Welsh Dan
Member
Registered: 23rd Mar 00
User status: Offline
|
As above. Someone briefly mentioned it to me, but what is it exactly? And how do you organise finances on one?
|
MarkM
Member
Registered: 11th Apr 01
Location: Liverpool
User status: Offline
|
You mortgage 50% of the house value...so you pay a payment back on that monthly...then you pay rent on the other 50%...so you have another rent payment to make...
If I was you if you could at all go for a 100% mortgage...even if it means looking at a cheaper house...
Shared equity is a good idea in principle but wouldnt be for me...
|
Dean_W
Member
Registered: 13th Dec 05
Location: Downham Market, Norfolk
User status: Offline
|
As said above, the house is split directly 50/50. This is good as you can get a house you couldn't usually afford.
Our house was bought at a value of 140K. We paid 70K. There is no way we could afford a mortgage for 140K. You can buy more of the house when you can afford it. The downside is if the house value goes up, you only get half. Ours is now valued at 160K. We only see 10K of the potential 20K gain.
When we looked into it, i was 20 and the Mrs 21. It was by far the best option. It does have it's downsides though. You can't alter any structure without permission.
A good upside is that ours is on a private estate which is maintained by the housing association. It's always tidy. The road is private, so it doesn't matter if you have no tax 
|
Dean_W
Member
Registered: 13th Dec 05
Location: Downham Market, Norfolk
User status: Offline
|
Forgot to mention, you can't buy a shared ownership house unless you earn under a certain wage and are not over a certain age.
|
CorsaLad
Member
Registered: 25th Sep 01
User status: Offline
|
Can you buy any house under this scheme or does it have to be within a certain estate/development?
|
Dean_W
Member
Registered: 13th Dec 05
Location: Downham Market, Norfolk
User status: Offline
|
It has to be a shared ownership house. It tells you this in the details of the property.
|
