GeordieSteve Posted July 18, 2005 Share Posted July 18, 2005 Can anyone tell me what the 30% ownership & 70% Rented means? http://www.rightmove.co.uk/viewdetails-7130174.rsp?pa_n=1&tr_t=buy Quote Link to comment Share on other sites More sharing options...
DaveRex Posted July 18, 2005 Share Posted July 18, 2005 isn't it the shared ownership scheme for key workers Quote Link to comment Share on other sites More sharing options...
GeordieSteve Posted July 18, 2005 Author Share Posted July 18, 2005 Havent a clue I'm new to all this Quote Link to comment Share on other sites More sharing options...
magicmatty Posted July 18, 2005 Share Posted July 18, 2005 I think its when you buy either 30 or 70% and rent the other, so technically your mortgage is much cheaper, but you also pay rent.. Sound like housing association type agreement.....Not sure of the benfits, usually you can "up" your stake a bit at a time, when it suits you Quote Link to comment Share on other sites More sharing options...
monkey76364 Posted July 18, 2005 Share Posted July 18, 2005 I have been looking intom this and the best way to go is around the 50% owner ship. you get the mortgage for hlafd the properties amount and then rent the other half fromt he company ...on a 200K house you pay 100K mortgage (400-600) ish then about 150 rent on top !!! http://www.moat.co.uk/MoatWeb/AffordHomeOwnership/WhatIsAHO/ResultProperties.aspx?localAuthorityid=16&numberRooms=2 try this link its our local one but has info you may need !!! Quote Link to comment Share on other sites More sharing options...
GeordieSteve Posted July 18, 2005 Author Share Posted July 18, 2005 Cheers folks. This might be a good way to go by the soudns of it Quote Link to comment Share on other sites More sharing options...
Pete Posted July 18, 2005 Share Posted July 18, 2005 Seems to be the only way many get to 'buy' a house these days. Quote Link to comment Share on other sites More sharing options...
monkey76364 Posted July 18, 2005 Share Posted July 18, 2005 yep thats why im looking at it.. and will still only just manage it lol Quote Link to comment Share on other sites More sharing options...
Suprasteve Posted July 18, 2005 Share Posted July 18, 2005 I have been looking intom this and the best way to go is around the 50% owner ship. you get the mortgage for hlafd the properties amount and then rent the other half fromt he company ...on a 200K house you pay 100K mortgage (400-600) ish then about 150 rent on top !!! http://www.moat.co.uk/MoatWeb/AffordHomeOwnership/WhatIsAHO/ResultProperties.aspx?localAuthorityid=16&numberRooms=2 try this link its our local one but has info you may need !!! just remember when you sell the house you'll only receive the % you own. Quote Link to comment Share on other sites More sharing options...
Suprasteve Posted July 18, 2005 Share Posted July 18, 2005 isn't it the shared ownership scheme for key workers Key worker scheme is where teachers, nurses, policeman etc can apply for a some of money (based on property value and earned income) from the local gov to help buy the property. Similar to shared ownership but different. The good thing is some mortgage Lenders will use the money as the deposit (you contribute nothing) which allows you to select favourable interest rates from the lenders at say 75% loan to value as apose to a crappy 100% loan to value rate. The money/grant from the local gov is first come first served, the bunch of money is allocated on a specific time of the year (normally April) so get it quick before its all used up ! Quote Link to comment Share on other sites More sharing options...
magicmatty Posted July 18, 2005 Share Posted July 18, 2005 just remember when you sell the house you'll only receive the % you own. Im fairly sure - dont they put a limit on the time before you are allowed to sell, to stop people pocketing a quick buck??? I think freinds of ours are in a similar boat and either cant pocket "ANY" profit, or cant sell for a few years, or something similar - May be worth looking into, just in case, just trying to help, fine I'll shut up Good luck anyway Quote Link to comment Share on other sites More sharing options...
samsupra37 Posted July 18, 2005 Share Posted July 18, 2005 I bought in January on the housing scheme, bought 30% renting 70% mortgage runs about £200 and the rent usually but does all depend on the association about £180 per month, can't buy any more shares till had property 1 year but can sell at any time at current market value as long as give the housing association 6 weeks to sell before putting on the open market. Can make a killing many have!!!! Good luck... Quote Link to comment Share on other sites More sharing options...
samsupra37 Posted July 18, 2005 Share Posted July 18, 2005 Oh and a heads up there are not many mortgage companies that will do shared ownership schemes although the most well clued up is the ABBey as they also don't give you too many headaches when you want to increase your share hold. Many places view that because you own a percentage you are legally entitled to the deeds and the house is yours....therefore making it complicated when you buy more ect...ect... Quote Link to comment Share on other sites More sharing options...
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