HoneyGirl   10 #1 Posted February 28, 2005 Hi, I'm looking to buy my own place and been told about certain 50% ownership schemes to help people who can't afford to buy the whole property yet .. anyone any ideas who runs such schemes? Share this post Link to post Share on other sites Share this content via...
Gazza   10 #2 Posted February 28, 2005 Originally posted by HoneyGirl Hi, I'm looking to buy my own place and been told about certain 50% ownership schemes to help people who can't afford to buy the whole property yet .. anyone any ideas who runs such schemes?  i asked the same question 2 weeks ago - no joy - maybe me can hook up together to make 100% Share this post Link to post Share on other sites Share this content via...
Zebra   10 #3 Posted February 28, 2005 Have a look in the property paper for companies who do it. If not, there's one in Eckington, can't quite recall the name but ti's in the square with the Leader Office.. Barnabus or Barnaby or something. Then check the North Cheshire Housing group, bizarre I know but that's where we got all our info from when we were thinking about it. Best of luck. Share this post Link to post Share on other sites Share this content via...
Angel05 Â Â 10 #4 Posted February 28, 2005 I have been in a 50% shared ownership property down south an i can recommend it to all first time buyers if they really cant get what they're looking for... Â Me & my ex went for a 100% mortgage an for what we could afford wasnt worth looking at... that was until a friend introduced us to Shared ownership an suggested that we take a look around their house as they were going for a 100% mortgage... we took a look an well fell in love with it... Â It was on the market for 68k so we got a mortgage of 34k i sold it in July 2003 for 130k which we got 65k but after paying off the mortgage an solicitors etc... we didnt have a lot to share... Â But it's a great scheme i wouldnt mind going back into it... the down side of it tho... the houses can be placed in dodgy areas? We went through a housing association... Share this post Link to post Share on other sites Share this content via...
gerryuk   10 #5 Posted February 28, 2005 Shared ownership has its good points and is a good way for first time buyers to get a foot on the housing ladder. I bought 50% share of a house through a housing association in East London around 7 years ago, the house was valued at £66.000 and i managed to get a 100% mortgage on my £33.000 share. My monthly payments work out at about £400.00 which includes the mortgage the rent to the housing association and insurance. Paying £400.00 a month for a 2 bedroom house with a garden in London is cool considering bedsits in this city can cost you around £150.00 a week. There is a downside though, you are responsible for any repairs to the property, if the property needs a new kitchen or bathroom ect you pay. After around 6 months you can buy further shares in your home or buy it outright at the market value. If you want to sell the house i believe you have to give the housing association 3 months to find a buyer from their books, if they cant find one then you sell it on the open market. Share this post Link to post Share on other sites Share this content via...
theadore   10 #6 Posted March 1, 2005 agreed with above. it is a good idea but...  My friend has recently undertaking a shared ownership property. He took a £40000 mortgage to cover 50% of his flat and the repayments on that were about 200-250 (sorry detail aren't exact) on the mortgage and about 100-150 on the rented half. He then took a promotion at work and decided to buy out the rest of the house, only to find he couldn't, Maximum ownership of 75% until so many years tenancy. Grrrr! said my friend as he is now paying rent which he doesn't need to and throwing money away on his flat.  That said, he does own more than half a house, something he wouldn't be able to have afforded otherwise Share this post Link to post Share on other sites Share this content via...
Angel05   10 #7 Posted March 1, 2005 Originally posted by theadore agreed with above. it is a good idea but...  My friend has recently undertaking a shared ownership property. He took a £40000 mortgage to cover 50% of his flat and the repayments on that were about 200-250 (sorry detail aren't exact) on the mortgage and about 100-150 on the rented half. He then took a promotion at work and decided to buy out the rest of the house, only to find he couldn't, Maximum ownership of 75% until so many years tenancy. Grrrr! said my friend as he is now paying rent which he doesn't need to and throwing money away on his flat.  That said, he does own more than half a house, something he wouldn't be able to have afforded otherwise  This may have been something that your friend should have looked into before going through with buying half... but there again he is probably kicking himself thinking the same thing... Its a shame...  I'm not sure how long we would have had to have waited if we wanted to purchse a further % of the property... but i do know that we could have bought it out right in time... Share this post Link to post Share on other sites Share this content via...
theadore   10 #8 Posted March 1, 2005 true, he does only have himself to blame. I think that these scemes and more friends buying together is definately a good thing though... means that after the stress of moving you don't have to have a few miserable years of being broke... like me Share this post Link to post Share on other sites Share this content via...
HoneyGirl   10 #9 Posted March 2, 2005 Thanks all for your help! Will enquire with a few housing associations Share this post Link to post Share on other sites Share this content via...
