Shared ownership mortgages

Shared ownership mortgages

Can anybody explain what a Shared ownership scheme consists of?

Example - a beautiful apartment in Sandyford is going for £90k shared ownership.

Does this mean that, say this was £390 per month for a 90k mortgage (for example) that rent would be slapped on the top of that?

Is there any real benefit other than not having to apply for such a large amount to borrow? Wouldnt you be better off having a bigger mortgage rather than paying off a smaller one plus rent?

So you're paying more than a mortgage?

I thought it meant an investor owned a percentage of the house and you only paid your share

Sounds shit.

its a way for some people to get a nicer house than what they can afford/borrow on a mortgage. you still pay for a mortgage on your share plus rent on top of that, so on the majority of cases you are paying the maximum you can get on a mortgag eplus rent, which is unaffordable for a lot of people but they are in a nicer house than what they can afford.

i can't really see the attraction of this as most peoples reasons for buying a house are ot stop throwing their money away on pointless rent

seems like a bad way of getting into far too much debt

Unless your earning shitloads of money, get out of the UK, simple as

That sentence sums up exactly what is wrong with british society

its fucking true though

no one thinks about the future these days (me included)

its like 'i want to get off my head on booze/drugs/gadgets/clothes etc etc NOW, who gives a wotsit what it might do to me in 20 years time'

ps I wrote that on a comedown while looking at a massive credit card bill, wearing designer trousers and listening to a £250 mp3 player

i know, this is the year i sort myself out like, i have 2 small debts to pay off, one is my overdraft and the other is a phone bill and then i need to start a savings account or an isa

In Australia instead of paying National Insurance out of your wage, you pay something called Superannuation. Its basically like a pension fund, so when you retire, you have a shitload of money which you can do anything you want with (and you also get your normal state pension). And if you desperately need some cash, you can cash in on your fund. Fucking ace idea

to be honest i wouldn't let it bother me !! the mortgage/housing situation in the uk will collapse big time soon just as it did in 1990.a £200,000 house will drop to £130,000 etc etc.

i had a shared ownership in uk may 2004 and it was ok as i was sharing with 2 people i knew.
we borrowed £45,000 each and when we sold in sept 2006 we made £18,000 each

but the companies who offer them rip you off completely,i.e they charge a higher interest rate or they tie you in for 2yrs or more.
the best way is to find 2 people you know who also want there own place and go 1/3 each on a mortgage.

they have a simillar idea in holland..
here we pay what in uk is council tax but 1/4 of it is put into a private "trust" fund for your retirement.
even the dole in holland pay you 2/3 of what you were earning the 2 years before you were unemployed.
i.e
your were on €20,000 p.a then you lose your job !!
they will give you €14,000 for 1 year max.

There is no absolutely no guarantee of that especially with the new wave of affordable housing on the horizon.

so you have just answered the point !!
if people start buying up the "wave of affordable housing" then the overpriced housing will have to drop its prices in order to sell them.