Sunday, January 27, 2008
Shameless property ramping
Elaine Shanks, 25: She has bought a luxury2-bed flat for £245,000. "I've bought off-plan, so I only had to put down the deposit." Louisa Smith, 28: "I knew I just couldn't afford to buy, but my parents suggested I went for part-ownership and they helped me with a deposit of £50,000," she says. She was paying about £400 in rent per month, with bills on top, but is now paying about £800 in mortgage and rent. For this she gets a 50% stake in a £250,000 1-bed flat. Camilla and Lucy Thornton: "Our grandfather left us each a small legacy which would not have been enough for a deposit for one of us. But by combining them it was enough." Their flat cost £325,000. "We will be living on baked beans for a while - no going out for us!"