Half-owned housing again

Well, speak of the devil!

No sooner have I posted a rant about housing here, than another letter arrives in my mailbox, about “shared ownership”.

This one is a different scheme to last time[1], and the terms are less generous.  Specifically, pay 50%, own 50%, rent the other half.  It is a good deal, insofar as the rental part is equivalent to a 2.7% interest rate on a mortgage for half the property’s value.  That is, if the notional values they’re using are realistic market values: in the open market, one would expect to make an offer well below the asking price.

As for other terms, such as restrictions on your rights, no details of that are provided.  But there is once again a lot of paperwork to fill, and disqualify those of us who fail on Political Correctness tests.

[1] Followup to last time?  I sent in the forms, and tried phoning several times.  No response whatsoever.

Posted on August 11, 2007, in housing. Bookmark the permalink. 1 Comment.

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