Mortgage Dilemma

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MelanieGiles

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Post by MelanieGiles » Thu Apr 24, 2008 9:52 pm
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Outright ownership has to be a better option than shared in my opinion if you can afford it. And buying a property generally can be very stressful, trying to make everything coming together at the same time and budgeting for all of the costs, but it is well worth it in the long run as it is yours!
Regards, Melanie Giles, Insolvency Practitioner
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jpj

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Post by jpj » Thu Apr 24, 2008 10:16 pm
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Mike
My valuation was more shocking than 3%.... £275,000 last summer....£200,000 by the valuation surveyor in January...!!! now thats shocking!!! :o0 especially as I paid £245k for it 2 years ago! :o(
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Moneystinks

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Post by Moneystinks » Thu Apr 24, 2008 10:23 pm
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We were in a shared ownership property when I first left home. It was right for us at the time as we had a combined income of about £17k (9yrs ago) and I was 8 months pregnant at the time.

I feel that in some circs they are a good idea but personally where poss I feel I would try and buy 100%. The rent portion was not much less that the mortgage from memory so a full mortgage may have been better? Good luck I hope things work out for you.
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mikebdomain

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Post by mikebdomain » Fri Apr 25, 2008 6:41 am
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jpj - I agree it's shocking we are seeing some much worse than that...

Charliegirl - If you are in an IVA I doubt you will be able to get a mortgage for a shared ownership
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Emily

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Post by Emily » Wed Apr 30, 2008 1:05 pm
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jpj comments demonstrate that the banks and their Economists are just tinkering with their reports of falling house prices - if a house last summer worth 275K is now 200k then that is some serious downturn.....

They aggregate figures nullifying sharp drops- massaging figures.

No one should go into the market till we see a rise - there has been a 7 month fall so far.
Last edited by Emily on Wed Apr 30, 2008 1:06 pm, edited 1 time in total.
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