Hello, im thinking of getting a mortgage for a 50% share of a flat (shared ownership with housing association)
Monday, May 23rd, 2011 at
4:03 pm
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Tagged with: Getting A Mortgage • Hello • Shared Ownership
Filed under: flat mortgage
in the uk i believe they are a good first step on the housing ladder if you really cant find a way to buy any other way
house prices continue to rise so a good investment
you can increase the percentage owned as your finances allow
They seem to be good idea without risk
bad points are that you have to rent half until you can afford to buy it all
It is a good way to get on the housing ladder, but remember, you still have to pay the Housing Association rent for the 50% you do not owe. Any rise in property value on resale you will only get 50% of. In my opinion, a shared equity deal is better if you can find one, as you do not pay rent on this type, you just own a percentage of the property.
Go for it. Rising property prices are in your favour.
You will benefit from increased equity in a few years.
Would the association sell you the other 50% at some time in the future?