Marching_On_Together

by **Twong** on Sat Mar 22, 2008 9:19 pm

http://www.communities.gov.uk/housing/b ... s/homebuy/

I've not read up on this subject yet but
the general idea I get is because of the economy
you buy a share in your home and the government owns part of your property, is that right?

So say a property is valued at £100,000
and you get a 50% say of a £50,000 mortgage.
With property prices set to crash with the forthcoming recession
the property's value could fall to £80,000 and you're still paying £50,000 for a £40,000 stake.
Which over the period of a 25year mortgage will cost you the equivalent of £30,000 for nothing...

:?:

by **Rach** on Sat Mar 22, 2008 9:47 pm

hiya
well they kinda loan you the money
and when you sell up you pay them back the one we are going for the government gives us 17.5% we then repay them 17.5% of the value at the time of sale or you can choose to pay it back at a time which suits you.

by **Twong** on Sat Mar 22, 2008 9:53 pm

I'd hate to be starting out these days
We got our terraced for just over £30,000 about 15 years ago.
I dunno where they think you get the money from...
buy the time you pay the mortgage, poll tax, gas, leccy, water etc:
There's hardly anything left for the luxuries in life like FOOD !

by **Rach** on Sat Mar 22, 2008 10:51 pm

hhhh dont you be putting me off
its my only option to get off this estate

by **Twong** on Sat Mar 22, 2008 10:56 pm

So long as you realise it is going to be hard...

I hope it all works out for you and Craig and the kids!

by **paul_lufc** on Sun Mar 23, 2008 2:32 pm

yes good luck rach nothing is easy in this life anyway and you have to start somewhere

go for it girl i wish you and your family all the best

Marching_On_Together

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