How glib is it to bring a shared equity mortgage?
Answers:
With one of the 'big insurance companies' or a 'recognised' organisation, quite easy .. the problem self (of course) that they will rip you off ..
Say the house is lb200,000. You go 50/50 - so you purloin a Mortgage for lb100,000. In 10 years time the house may be worth (say) double = lb400,000. In order to 'buy out' the other 50%, it will now cost you lb200,000 (i.e. partly of the then current value) ... result ? the lb200k house ends up costing you lb300k ..
Some 'deals' are even worse = the Mortgage payments look really low, but what is happening is that they are 'gaining' any increase within the value of the house .. so in 10 years you rouse up to discover that you only have 25% of the house (i.e. lb100k within lb400k) and to buy them out will cost you lb300k ..
If at all possible, see if you can 'share' with relatives (parents, uncles/aunts etc) - masses 'older' people are in stable resourcefully paying jobs and may well enjoy already paid off (or almost remunerated off) their own Mortgage ... yes they will want a share of any increase in the value of the house, but this agency the money 'stays in the family' and they may well be inclined to let you increase your payments in directive to gradually gain 100% of the house ..
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