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House Price Crash Forum

Shared Ownership New Schemes Are Already Being Offered

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Previously council employees could get involved in shared ownership schemes only by schemes that were supporting the properties they had bought.

However, I've recently learnt that anyone who is a Council employee can expect that the 50% property mark-up will be met by the govt via certain scheme already in place by this Govt.

So if the potential owner can stump up 100% of their income i.e. 75% - then Govt will buy the rest on "terms" and meet 50% of the property price.

This is enabling them to pay £75k on a property of £150K.

I have explained to the person concerned that he will have to pay for the interest on 75k - but he doesn't seem to think that this is an issue.

It may well not be an issue in the long-term - he is only 26 - and on 24k - but he is hoping to get his mortgage based on a joint income from a casual girlfriend.

It has all been approved by the mortgage company - Nationwide - because that's who he has always been with - and he believes they are going to treat him right.

It seems that since the crisis - perhaps unknown to most of you - they have been pushing 50% ownership - based on Council Employees just chosing any property of their choice. End of.

In this case - they've decided to go for £150k on a two bed house.

They will only ever enjoy 50% but when I pointed out that the interest alone - and the interst on the "loan" will be more than if they saved for the next few years.

But they're going for it - because someone told them properties will go up by 25%.

This seems to be the govt doing this without telling the public that they are meeting 50% of any property a Council Employer buys at better rates than the average person could afford.

Anyone care to comment?

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