dannymccann
Member
Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline
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quote:
Originally posted by John
quote:
Originally posted by dannymccann
quote:
Originally posted by Lynny
Full ownership of the house, take out mortgage for 75%, other 25% deferred for 5 years. Fixed rate mortgage until then
Same as mine, but my 20% 'loaned' by the builder is a 10 year repay, linked to the independent valuation of the house at the time of repayment (so god forbid it loses value the builder gets less too, which keeps my share 75%) 
Congrats
I've been reading a lot on MSE about the builders having conditions on selling and it not being quite as easy as that?
Will have to have a look on MSE about that, but I asked plenty of questions about it because I was also dubious at first. I mean, chances are the house will be worth more when we come to pay it off, so we will obviously owe more to them than we do now, but we are trying hard to save a full ISA a year a) for if the car fucks up and b) for when we have to pay them back as a lump sum in a few years' time.
Its interest free anyway so only house price inflation is going to affect the amount we pay, hopefully with the slow market and inflation higher anyway the 'real money' equivalent might actually be lower than it was a year ago in 9 years time, will have to see...
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