The problem is that happens in the long run and governments only cafe about the next few years.If governments do not push property prices back to a healthy level they will deal with low birth rates, an insane homeless population and increasing poverty.
I know right? I mean if only my husband gave up all those flash holidays we’d have a house by nowMy partner also grew up in the care system. He struggles to hold down jobs for longer than a couple of months which obviously doesn't look good to employers. He's 35 and recently found that working a pattern of seasonal jobs works for him - however the pandemic has thrown some spanners in the works for that too.
It's so easy for people to tell you to prioritise when they don't know your situation.
My niece used the help to buy for her house. She had it valued last week and its increased by 40k in two years. She'll move soon but you have to pay something back, not too sure if its the deposit. Think if you sell in the first five years you pay something back.The problem is that happens in the long run and governments only cafe about the next few years.
I expect once the demographics change and people realise all these "help" schemes are actually screwing them over and only helping house builders and financial institutions then their priorities will change.
With help to buy, the government loan you a % up for 20% of the value of your home, which opens you up to much lower interest rates because you have a higher LTV. you basically owe the government whatever % of the property value that you took as a loan. Eg we paid a 7% deposit, and took the 20% help to buy loan, then a mortgage for 73%. If house prices go up, the value of the loan goes up, if they go down the value goes downMy niece used the help to buy for her house. She had it valued last week and its increased by 40k in two years. She'll move soon but you have to pay something back, not too sure if its the deposit. Think if you sell in the first five years you pay something back.
I know a few people who have, personally I wouldn’t. My best friend did, she’s been trying to sell for over a year. She works for the housing association in another department and they have been nothing but trouble.What annoys me about where I live is that all the new builds tend to be shared ownership to make them look ‘affordable’. It’s not something most people I know looking to buy would ever be interested in. If anyone has done shared ownership I’d be really interested to hear your experience, I’m not really sold on the idea myself.
That’s what I think to be honest. I can’t fathom having to pay rent and a mortgage on one home, even if overall it does work out cheaper than renting. You don’t seem to get the ‘benefits’ of renting i.e not responsible for repairs. Surely if the council or who ever own half or what ever percentage they should split costs like that? So weird.Shared ownership is a massive scam
Yeah I have heard they can be really hard to sell if you want to move. People just don’t want shared ownership, especially if you already have a mortgage on a home you fully own. It’s a silly idea, imo just another way to say they are building ‘affordable housing’ but with a catch. A scheme cooked up by some rich person to make them richer and keep the less well off in their place.I know a few people who have, personally I wouldn’t. My best friend did, she’s been trying to sell for over a year. She works for the housing association in another department and they have been nothing but trouble.
I can’t understand why anyone does it. I honestly think the scheme was a way to acceptably sell off old council stock, I don’t think they expected anyone to fall for it (ETA - I think they thought it’d go to developers or investment landlords rather than owner occupiers living in hell holes).Shared ownership is a massive scam
My sister did it. It was a good way on getting on the housing ladder. They bought more of a percentage from the housing association. They sold a few years ago and now have a straight repayment mortgage on a house they are renovating.What annoys me about where I live is that all the new builds tend to be shared ownership to make them look ‘affordable’. It’s not something most people I know looking to buy would ever be interested in. If anyone has done shared ownership I’d be really interested to hear your experience, I’m not really sold on the idea myself.
That is shocking. Full on scam.I was 90% of the way to completing a shared ownership purchase last summer before backing out. The affordability criteria is well off - the mortgage + rent was in excess of what I am paying for rent + bills in a more central location in my city right now as opposed to a neighbouring village. They also didn't let me view the property or put in more than a 10% deposit (I could've put in up to 50% on the share and then paid off the share in a couple of years). They can also raise the rent at any time and selling on can take ages. Seemed a waste of time so I just decided to pull out, wasn't worth it.
Seems a way for developers to keep income trickling in over time instead of letting people actually own the homes they live in.
I think there's been so many problems with the cladding scandal and people left hanging for years in unsalable property. The shared ownership has compounded an already very difficult system.It may work for some people in certain situations, but if you can avoid it I would.
Buy to let full stop is a ghastly system, nothing more than a Ponzi scheme that allows people to remortgage and speculate on housing to push up values. Causing an untold amount of misery. But that's the dream for many - people farming. Exploitative.buy-to-let landlords
Its a business like may others. Most landlords are fantastic. I have family that own houses and its their pension pot. They are amazing with their tenants.I think there's been so many problems with the cladding scandal and people left hanging for years in unsalable property. The shared ownership has compounded an already very difficult system.
Buy to let full stop is a ghastly system, nothing more than a Ponzi scheme that allows people to remortgage and speculate on housing to push up values. Causing an untold amount of misery. But that's the dream for many - people farming. Exploitative.
It's not like many other businesses. It relys on pricing people out of something essential and is exploitative by nature.Its a business like may others. Most landlords are fantastic. I have family that own houses and its their pension pot. They are amazing with their tenants.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?