hi there, as a first time buyer on my own, id love to know how shared ownership works? the house prices are very high! and i dont fancy paying through the nose to live in a bin! as anyone got any advice on geting a morgage of this sort and what are the pros and cons. thankyou
2007-10-16 02:22:39 · 3 answers · asked by lindsey b 2 in Business & Finance ➔ Renting & Real Estate
Lindsey,
even in todays high prices , 'shared ' ownership is a very bad deal for u.
visit daveramsey.com to learn the hard lessons u have coming ur way from others mistakes.
shared ownership has more legal hassles than u can even think of or afford.
2007-10-16 02:28:13 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I do know about shared ownership and No I wouldnt touch it. Eg if you buy a place for 100k, 50% share being 50k, you live there pay a 50k mortgage and a rent on the 50% share, if you stay there, paying all this mortgage and rent say for 10 years and the house may be worth 200k, that is only 100k profit for you, and 100k profit for the other 50% shareholder. (less of course your outstanding mortgage of probally 45K, so you will only be left with 55k in equity. The other share holder cant lose.
2007-10-16 09:28:41 · answer #2 · answered by leigha 5 · 0⤊ 0⤋
well it all depends on the person you have to weigh alot when you take on a roommate
2007-10-16 09:26:55 · answer #3 · answered by Yanni 5 · 0⤊ 0⤋