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Anyone got any experience of this sort of thing?....
took me ages to think of it.
like a shared-ownership scheme?
Whereby you own, say, 30% of the property and an agency owns the rest. You pay 30% of the mortgage and can gradually increase that (?-I think that's how it works), so that eventually you can buy the property outright. However, I believe you also have to pay some for of rent to said agency (again, I'm not too sure).
Just curious about it.
You pay off the mortgage on the part that you own, and pay rent on the remainder. The remainder (owned usually by a a housing association) is effectively an interest-free bridging loan.
my mother has one. i think she has a mortgage 50% of the house and pays rent on the other half. from what i can remember you can only buy it in 25% chunks, and even if you own the whole thing there are still restrictions on what you can do with it if you want to sell and move on. also you're paying rent but you have to maintain the property yourself.
saying all that though it's a nice house in a decent area and she'd never have been able to afford to buy one outright, so...
there seems to be lots of 'unknowns' that make me feel a bit uneasy about it. I also heard that they have the right to evict you at any given time?...
It's a utopian idea, I guess, that it would all be plain and simple and have no glitches. We'd all be doing it.
housing associations to be able to get a place. What do you want to know?
the term 'housing association' sounds really stigmatic. it's offputting, but probably shouldn't be. I just want to know how they work, is it worth it and how much you REALLY benefit from it.
the remaining social housing stock, so I can understand that.
On the other hand, I've designed a fair few new developments for housing associations and the space and construction standards are so much higher than what you'd get on the open market. These developments are not just retained for rent by the housing association, but are often offered up as part of a shared ownership scheme.
I don't think it's the mortgage itself that's part-owned. is it? that's a nice thought. gahh. I'm tired.
it's the property that is part-owned.