part buy schemes

Discussion in 'General Chat' started by Daddy k, Mar 9, 2006.

  1. Daddy k

    Daddy k

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    any probs with these 50% buy schemes offered by councils/house builders??

    any catches? pitfalls?

    cheers guys
     
  2. colinwheeler

    colinwheeler
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    Don't know about the builders schemes but as I understand a lot of people have made very good money of council buy schemes.
     
  3. MrBlofeldt

    MrBlofeldt
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    A mate of mine had one of these where you pay a mortgage on 50% of the property and rent on the other 50%, he said he was getting royally shafted as the rent was a lot more than the mortgage, and if he'd bought it outright, his mortgage would still have been cheaper...
     
  4. Member 55145

    Member 55145
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    if you can go for a mortgage go for one, the house will be 100% yours
     
  5. Mr Cat

    Mr Cat
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    yeah, I've heard of people buying council houses / flats and the council have decided to upgrade them in some way...and they;ve had to cough up thousands to cover the cost for thei gaff...:eek:
     
  6. Daddy k

    Daddy k

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    prob is at mo were renting somewhere and we pay £600 a month rent the house is nice, however our previous places have been £700 a month and been really nice avg bout £180k+ to buy and that what were used to living in
    however we can only get a mortgage for about £110k
    and for that we get a dive! the stuff i can remember not so long ago costing £40k and i wouldnt ever buy!

    so do we buy a dive in a dive of an area surrounded by people who dont work, get rent paid for em, or just pay £50 a week rent, and have neighbours from hell and their immediate family live next door aswell as the look on the locals faces when they see my av gear go in, just to say "we own our own home" and have to pay avg £900 a month for it, when we could bloody rent the doss hole for £50 a week!!!!

    or try a part buy on a decent place????

    crap situation at mo, but same for a lot of people i suppose
     
  7. Member 55145

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    find a house for 110K or less, move in start paying mortgage improve the house then flog it. use the interest to help you get a bigger mortgage.

    sometimes you have to wait before you get what you want

    good luck :thumbsup:
     
  8. colinwheeler

    colinwheeler
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    True, and good idea.

    Just as a point, my place that I bought in London has doubled in value over the last 4 years. I have no desire to sell it and am not interested in climbing any property ladders but hell, I would not really be able to afford the same place now as my salary certainly has not doubled. The property price in this country is definitly hitting scary levels.
     

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