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copper crutch

An Interesting Scheme

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"You will pay for the majority share in the property – normally between 60 and 80 per cent of the price – and the Scottish Government will hold the remaining share under a shared equity agreement which they will enter into with you. You will own the property outright but the interests of the Scottish Government will be secured by a mortgage (or a ‘standard security’ as it is known in Scotland) on that property."

I do love all these 'You own outright' statements. See them in the papers all the time too. I wonder if anyone has taken this to trading standards ? Seems miss-selling if you ask me.

If 'owning the property outright' is applicable in this situation - then my name is Gary Glitter. You have a mortgage for 60% of the place. You don't even own 60% outright - never mind the rest.

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Good to see the Scottish Government getting first time buyers away from the rental sector.

http://www.espc.com/FirstTimeBuyersLift.html

Crunchster, yes you are right. Thatcher and the Tory swine did for the council house (pc speak = affordable housing), and the neo-Toty Blairites continued the dreadful policy. Its great to see some cash going in this direction - hopefully building quality homes for people not rubbish, as was sometimes the case in the past.

Viewsonic

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"You will pay for the majority share in the property – normally between 60 and 80 per cent of the price – and the Scottish Government will hold the remaining share under a shared equity agreement which they will enter into with you. You will own the property outright but the interests of the Scottish Government will be secured by a mortgage (or a ‘standard security’ as it is known in Scotland) on that property."

I do love all these 'You own outright' statements. See them in the papers all the time too. I wonder if anyone has taken this to trading standards ? Seems miss-selling if you ask me.

If 'owning the property outright' is applicable in this situation - then my name is Gary Glitter. You have a mortgage for 60% of the place. You don't even own 60% outright - never mind the rest.

Surely this is more to do with the 'owner' being fully liable for all repairs and maintainance despite not owning 100% of the place?

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Surely this is more to do with the 'owner' being fully liable for all repairs and maintainance despite not owning 100% of the place?

Legally you DO own the property outright. Legally everyone who buys a property owns it outright. You may or may not have bought it with a loan secured on the property but you still own the property.

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Legally you DO own the property outright. Legally everyone who buys a property owns it outright. You may or may not have bought it with a loan secured on the property but you still own the property.

Yes I know that :P , however in reality you do not truly own the place outright until you pay off the debt (First charge from a lender) secured against it. Also as Lulu says you have to pay 100% for the maintenance - amongst other things.

I always remember one of those property shows on TV. Some couple had finally managed to buy 'their' own home after securing a 100% plus mortgage. They were filmed walking through the door saying something along the lines of 'Finally - our own place'.

I couldn't help but think they didn't even own the key to open the front door...

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I couldn't help but think they didn't even own the key to open the front door...

Call me "Northern Rock", but I back this statement 125%! :P

I know I'm being a miserable sod but whenever I hear about people talk about owning their own house, all I can think is "no you don't mate, the bank does"...

I'm two years into seriously saving for a FTB place and I'm growing more debt adverse by the day. I just hate the implied norm of saddling yourself with a large debt as soon as you can and the almost flippant way in which we enter into such an arrangement.

I know property "ownership" is the national obsession but the more I learn about it, the less I want to play that game.

Just this week I've started renting a cracking flat in the New Town for a very very reasonable price. My dear old Mum can't believe that I live in a place like this!

Basically as a young single guy on a professional salary, unless you have a shocking rental experience (sadly common) or get married, what sensible reason can you have for not renting, saving and f**king living life...right up until the moment you can buy for cash?

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Call me "Northern Rock", but I back this statement 125%! :P

I know I'm being a miserable sod but whenever I hear about people talk about owning their own house, all I can think is "no you don't mate, the bank does"...

I'm two years into seriously saving for a FTB place and I'm growing more debt adverse by the day. I just hate the implied norm of saddling yourself with a large debt as soon as you can and the almost flippant way in which we enter into such an arrangement.

I know property "ownership" is the national obsession but the more I learn about it, the less I want to play that game.

Just this week I've started renting a cracking flat in the New Town for a very very reasonable price. My dear old Mum can't believe that I live in a place like this!

Basically as a young single guy on a professional salary, unless you have a shocking rental experience (sadly common) or get married, what sensible reason can you have for not renting, saving and f**king living life...right up until the moment you can buy for cash?

I hear you. ;)

If it takes me until I am 40 to buy outright ? I don't care. I will be a 'homeowner' about 20 years before most other people of my age !!

That is if I do buy. If I knew our currency was relatively safe and I could get a decent rate of regular interest - I would probably rent for a long time.

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