This is not a snow thread

[Hayley]

OK

So im thinking of buying a flat round where I live on one of those Half buy half rent schemes. Its pretty much the only way im going to get on the property ladder on me todd.

I have got a load of mortgage meetings set up for next week to see if i can get one but I should only need about £77k with this scheme and I think I earn enough to cover that.

I basically thought this would help me avoid the ma-hoo-sive deposit that is normally needed for buying a house nowadays and also should be easier for me to get a mortgage on my £25k wage.

Anyone on ere got any experience of this scheme.. pro's and cons I might not of thought of???

[Jack]

This is only not a snow thread because you haven't got any :p

[MK999]

And also why it has no good replies. Snow or GTFO.lol

[Hobbit]

should be fine getting a mortgage for that amount on your wage, but will still need about 14k for a deposit.

[db_1.2]

Im too looking to buy property sometime this year hopefully.

The only real advise i have is a friend of mine just managed to get a mortgage over 40 years on a house with an £8000 deposit,i think he said the house value was either 113k or 130k, and hes on around 22k a year. However this doesnt really apply for you as i dont think you would want to live in a flat for 40 years!

Luckily for me i earn good money for my age, and my parents make me pay no rent, as they know im saving for the deposit. You couldnt begin to imagine how hard it is not to go and buy a real flash car with the deposit money! An e46 m3 at 20, now that would p*ss a few people off!

[RickW]

come live with me...easier that way haha

yea you may still need a deposit. the half share schemes still cost cos dont forget you are mortgaing an amount of £77k so have that to pay but then you have to pay the other half as rent. In effect your mortgage payment will be double what you get told at the outset...if that makes sense.

Find a guy with a house and move in haha thats a good way on to the property ladder

[Stuart]

part buy part rent is ok if you qualify for buying as a lot of places are picky about buyers, so when you sell it might be a mildly PITA exercise.
We saw some beautiful flats fro the train a few years back and looked into buying one, but it turned out to be a part buy part rent and the ruels/reg for ownership were ridiculous. If you wanted to buy a bigger share you had only 4 chances to do it so had to ensure you could make the other half up in 4 steps in fairly close sucession etc.
If you are looking to buy and then move after a few years then its a fairly good starting block as stuff is coming back up in value, especially now the stamp duty holiday has fecked off.

in short, read ALL the small print as they can have you youver a barrel with ease

[Mike]

A general mortgage approval is 3 times your annual income. (for sole applicants)

For example, if you earn smack on £20k a year before deductions, your *potentially* eligible for a £60k mortage. As far as deposits go, you'll need approx 10% of the value of the house as a good minimum.

However saying that, I know someone who used a £2.5k deposit on a £118k house so :S

[db_1.2]

A general mortgage approval is 3 times your annual income. (for sole applicants)

For example, if you earn smack on £20k a year before deductions, your *potentially* eligible for a £60k mortage. As far as deposits go, you'll need approx 10% of the value of the house as a good minimum.

However saying that, I know someone who used a £2.5k deposit on a £118k house so :S

It must depend on who the mortgage arrangement is with i guess, as i also know someone who reckons they used a 5% deposit, however, i very very rarely trust his data! If you get my drift!

[Lee]

I thought it said you wanted to buy a Fiat.

Its ok, carry on :)

[Jon_nova1]

I checked the half buy half rent thingies ages ago

use moneysupermarket.com to see if you can actually get a mortgage, when i checked the best deals were around if you put 20-25% deposit down, when you get a half buy half rent you can buy more ownership till you own 100%,


Im not sure on the finances on this part, but i think you pay market rates, but with houses prices pretty much on the low you'll no doubt get a profit when you come to sell, when you sell the company that owns the other part of the house gets thier money first, then the mortgage company, then you keep whats left over, check the mortgages on this as some won't give you a mortgage if you have a second security on it (which you will have)

[Hobbit]

I'm talking with a mortgage advisor at the moment and he says very very few people are getting accepted with less than a 15 percent deposit, apparently 20 percent is what you really need when applying

On the part rent part buy front you need to be on a council house waiting list as said by others

[Hayley]

thanks for all the help/advice on this. i have got an appointment with the agent thats selling the flats next week so fingers crossed. but I wont hold my breath coz why would anyone want to lend me money when I have no debt/loans/previous issues with paying money/a good wage/job.. :roll:

[Jack]

I've got debts, wanna borrow them? :p