Lude Generation

Is anyone doing this or no anyone as me n my wife want to get on go property ladder so when we have kids we no that when we pass away that they'll have the house or the value of it, value of the house where in now is too much for a deposit and wondered if the council homebuy is any good

I took a good look at this recently, and I don't think it's a good idea at all.

You'll find all the properties available are overpriced as to it's estimated vale, you might be able to get on the ladder, but will find there is no investment opportunity going this route, indeed you'll probably find yourself at a loss further down the line.

When you decide to move on eventually, your market will be smaller as most people will not want to only own part of the property.

I'm doing it mate. Its a good way to get on the ladder if its the only way you can afford to do it but it can become a tie as when you want to buy the 2nd half you need another 10-15k deposit. Also the rent increases every year so its getting closer to the cost of a full mortgage.

Fully agree with vtecmec, I looked into it and over the long term it's more expensive.

I nearly did it 4 years ago and were asking prices based on a years inflation which never happened! A couple mates in work have done it and found they are in negative equity by miles! They also found the kind of people these 'cheap' houses attract are a little special. There's kid running wild over the steets, parents arguing. The sound deadening in new builds is good but not that good.

It does seem alot of family's from council houses in the rougher areas of Plymouth have taken advantage of the no deposite required and cheap monthly payments.

My friends regret it and I got lucky. 4 years ago they were selling the 2nd street of houses with the intention of the complete area being done in 8 years I think. But to me the hole place still looks like a building site, I don't think I'd like to have paid top dolla to live in that place.

Since then I bought a 120k property and done alot of renovations, next door is forsale at 170k. Best thing I ever did!

I do believe this shared equity solution will be the next property bubble to burst, and will burn a lot of people.

Another option would be to find a let to buy property, you rent for an agreed period of time then purchase it at an agreed price. You use a concessionary mortgage which means no deposit required.
Works a treat

Have to save up then lol

The best way, its taken me 4 years to scrape a deposit together.

As a back up (for the kids) I have a £1m life insurance policy on the wife.

Just im 25 and I thought I'd have a mortgage by now but life has given me some hard tines

I'm 37 and just buying my first property, you've plenty of time yet.