Matt H
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Registered: 11th Sep 01
Location: South Yorkshire
User status: Offline
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Someone mentioned it the other day & a mate at work is thinking of buying a house. From what I gather they pay half, but if you sell it they want back what they paid plus 5%
So on 100K house/flat, you pay 50K & so do they. But if you sell it 2 years later for more (say 120K) they only take back 52.5K
Think it's for first time buyers only. Anyone know anymore about it? Done a quick google search but it didn't come up with much
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
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Sounds interesting...
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Mad Moe
Member
Registered: 14th Jun 01
Location: Northumberland
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Never heard of this but I'd imagine the 5% the government want on top would be of the sale value not the original value knowing what money grabbing twats they are
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M4tt_Envoy
Member
Registered: 26th Feb 06
Location: Swindon
User status: Offline
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can you u2u me of you get any more details on this
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
User status: Offline
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Why has it gotta be a secret via u2u? Tell us all!
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Mad Moe
Member
Registered: 14th Jun 01
Location: Northumberland
User status: Offline
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Just been talking to my old man about this and he seems to remember this being and idea of Gordon Brown's a couple of years ago when house prices where just stupid, however he hasn't heard anything of it since.
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Matt H
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Registered: 11th Sep 01
Location: South Yorkshire
User status: Offline
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This person i was speaking to was actually doing it. She mentioned she was buying a 2 bed apartment on a student nurses salary, I asked how. Definately only 5% on what they originally paid
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
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Can you not ask the person? 
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BYRON
Member
Registered: 1st Jun 04
User status: Offline
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sounds like a homebuy scheme run by housing associations.
quick run down is:
£100k flat
you buy 50% of the property at £50k.
housing company own remaining 50%
You rent the other 50% from the housing company aswell as service and maintenance charges.
Doesnt always work out any cheaper than buying outright. savings are marginal plus you dont own the whole property. Over time you can buy it in increments of 5% i think.
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Matt H
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Registered: 11th Sep 01
Location: South Yorkshire
User status: Offline
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quote:
Originally posted by loafofbrett
Can you not ask the person?
Slim chance of ever seeing them again!
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M4tt_Envoy
Member
Registered: 26th Feb 06
Location: Swindon
User status: Offline
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quote:
Originally posted by loafofbrett
Why has it gotta be a secret via u2u? Tell us all!
else i forget i posted in the thread 
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M4tt_Envoy
Member
Registered: 26th Feb 06
Location: Swindon
User status: Offline
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quote:
Originally posted by Matt H
This person i was speaking to was actually doing it. She mentioned she was buying a 2 bed apartment on a student nurses salary, I asked how. Definately only 5% on what they originally paid
surely is a scheme for public workers? (i.e nurses, policeman etc)
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
User status: Offline
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quote:
Originally posted by M4tt_Envoy
else i forget i posted in the thread
Then click "Receive email notification of new replies?"
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Dean_W
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Registered: 13th Dec 05
Location: Downham Market, Norfolk
User status: Offline
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Probably shared ownership.
My house was bought for 70K, valued at 140K.
Pay rent for the other half that the association owns. Ideal for people who can't get a mortgage for enough money i.e. I couldn't get 140K on my wages alone.
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
User status: Offline
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But surely you're offered a mortgage for "what you can afford", so how is paying your mortgage AND paying rent gonna help? 
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Dean_W
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Registered: 13th Dec 05
Location: Downham Market, Norfolk
User status: Offline
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Because the mortgage and rent combined is a lot cheaper than a mortgage for the full amount, thats if you get offered anwhere near that amount.
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Lisa
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Registered: 6th Apr 00
Location: Euxton, Lancashire
User status: Offline
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barrats are doing this near me but you buy 75% and if you don't sell within 10 yrs you gotta buy the other 25%
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Matt H
Member
Registered: 11th Sep 01
Location: South Yorkshire
User status: Offline
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Found out a little more about it, there are options to do a partial ownership but some are literally a case of only having to pay 50%
Here's the website for it incase anyone fancies having a read up on it 
http://www.my4walls.co.uk/
To compare between the partial ownership & first time buyers initative
Link
[Edited on 01-03-2008 by Ian]
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corsa-sxi
Member
Registered: 11th Jul 03
Location: Kingston upon Hull
User status: Offline
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rent is 120pcm, how much would mortgage be?
theres a scheme like that in Hull a while ago, read it in the paper and thought wtf lol, owning half the property and having to pay rent too, id understand it be great if u didnt have to pay rent lol
[Edited on 03-03-2008 by corsa-sxi]
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