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Didn't @Soul do shared ownership on his flat?
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Is shared ownership a bit of a scam?
Negatives: you have all the problems associated with owning a home but are still paying someone rent. And that someone is a bit thick, and makes your life difficult if / when you come to sell.
Positives: it allows you to 'invest' in a market you otherwise might be shut out from. Your 'landlord' cannot kick you out by not offering you a new contract or selling the place.
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I have a mate who did it and ended up owning a flat that has virtually doubled in price that he wouldn't have been able to buy outright at the start. Had various troubles with the service fees being hugely excessive which ended with him auditing it all and reclaiming a variety of stuff.
Says he's happy he took that route though.
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handtightenonly
Howard
aggi
@ExTra
Is shared ownership a bit of a scam? I will be speaking to proper mortgage advisors in due course but it doesn't hurt to hear your wonderful wisdom...
I have about 30% deposit, could probably go up to about 35% but my income on paper sucks... I do earn a respectable average London income, but... this appears to be not good enough, my own bank won't even bat an eyelid on me with my income... not that I would want to go with them for my possible mortgage anyway...