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  1 month ago

" Help to own ", what a good idea - are you familiar ?

It's only available in the West Midlands at the moment , but we'll see .
I'd not heard of this scheme before , and I'm wondering why not , as I can't see anything but positivity in it . In a nutshell , it works like this ;
Tenants move into a property , without the need for a mortgage .
The council said the scheme provides long-term rent security and enables tenants to build up a "loyalty premium" as they make their monthly payments . These can be taken as cash after 20 years or , more appealingly , after 25 years they can buy it for a pound !
Help to Own is not a social housing scheme, but is available to anyone struggling to get on the property ladder, subject to credit checks.
What do you think of that folks ?


  1 month ago
Sounds Great Reply


  1 month ago
It sounds like the right to buy sceme (how we bought our first home) we had lived there for years and were able to buy for £6000. which was great. It might be a little different but with the end result the same . Reply


  1 month ago
Sounds a lot like help to buy, and shared ownership rolled into one. The issue is how much will you pay over the life of the agreement, help to buy is very good the interest on the loan is quite low, with shared ownership, you agree to part buy the property and get a mortgage on your share, then rent the rest. You can increase your share as time moves on, I think this increasing of the share, referred to as staircasing can only be done three times. It is very popular around here, with most new estates having the option of shared ownership. Reply


  1 month ago
I have never heard of this Steve. Reply


  1 month ago
The trouble is Steve the scheme is very much in the embryonic stage and is only available to a handful of applicants. It all depends on the level of rental payments over the 25 year term and how much they can be increased year on year. It may work out much cheaper to purchase an equivalent home on a mortgage from a lender as rates are historically extremely low and "if" they remain low then the monthly payment on such a mortgage would remain unchanged unlike the rental in the above scheme which is likely to have doubled or even tripled over the 25 year "rental" period. If the rental payment is guaranteed to remain the same over the 25 year term then yes that would be an excellent scheme. Reply


  1 month ago
It sounds quite a promising plan ~ maybe it needs to spread to other areas ? Reply


  1 month ago
I think that it's a real shame that renting is still looked down upon and it's still deemed as almost vital to own your own house regardless of if you can genuinely afford it (all these schemes are basically to get those who can't afford to buy into houses that they'll struggle to pay for). Reply


  1 month ago
Never heard of it Reply


  1 month ago
If I were a private landlord I would not want to be tied in to such a commitment, i would want to be able to sell my property on my own terms and at a time of my own choosing. If these are council-owned properties what happens in 25 years time when they have no property left for people to rent, what then? Reply


  1 month ago
It would help people struggling to get on the property ladder to be rewarded for paying regular rent. Reply
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