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Equity Share Conclusion

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I just wanted to post regarding the conclusion of our house sale, as mentioned in a couple of the housing/equity share threads on here last week. I'm sure a lot of people were put off or were confu… Read More
spider1986 Avatar
7y, 10m agoPosted 7 years, 10 months ago
I just wanted to post regarding the conclusion of our house sale, as mentioned in a couple of the housing/equity share threads on here last week.

I'm sure a lot of people were put off or were confused by the schemes when mentioned previously but if anyone is interested I just wanted to let you know that the entire process has been incredibly easy, we have been able to buy a house with an interest free loan of £25,000 which we don't have to pay back for 10 years, and we had £10,000 knocked off the price of our house.

Plus, a week after we reserved our plot, they were so eager for us to complete that they've given us cash back to cover our first mortgage.

Just wanted to put a positive spin on the schemes in case anyone was considering them and was feeling put off! If anyone wants to ask any questions feel free to PM me :).
spider1986 Avatar
7y, 10m agoPosted 7 years, 10 months ago
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#2
Tbh looking at that first link I wouldn't touch it. How do you plan to repay the loan and what does this mean :

THE GREATER THE INCREASE IN THE VALUE OF YOUR HOME, THE MORE YOU WILL HAVE TO PAY BACK.

Are they saying borrow 10k as say 10% and at term if the house is worth £1m you have to repay 100k? An extreme and unlikely illustration I know, but one worth pondering.
banned#3
it is not an interst free loan, grrrrrrr
banned#4
Shengis
Tbh looking at that first link I wouldn't touch it. How do you plan to repay the loan and what does this mean :

THE GREATER THE INCREASE IN THE VALUE OF YOUR HOME, THE MORE YOU WILL HAVE TO PAY BACK.

Are they saying borrow 10k as say 10% and at term if the house is worth £1m you have to repay 100k? An extreme and unlikely illustration I know, but one worth pondering.


yes, swings both way, you have to pay back the percantage at market value when paying back the loan
#5
sassie
it is not an interst free loan, grrrrrrr


The one that we have just got in, in fact, an interest free loan.

I did think it was the Homebuy Direct scheme that we got but my boyfriend informed me it was a developer offer where they have loaned us 25% of the value of our house.

It is an equity scheme, just a private one, not the Homebuy Direct or OwnHome scheme.
#6
sassie
yes, swings both way, you have to pay back the percantage at market value when paying back the loan


I have 3 quotes that I think fit quite well...

"If it looks too good to be true, it probably is...."

"Where there's a scheme there's a schemer"

And

"This will not end well...."

:lol:

I reckon people are going to get shafted like they did about 10 years ago on endowment mortgages:thinking:
banned#7
spider1986
The one that we have just got in, in fact, an interest free loan.

I did think it was the Homebuy Direct scheme that we got but my boyfriend informed me it was a developer offer where they have loaned us 25% of the value of our house.

It is an equity scheme, just a private one, not the Homebuy Direct or OwnHome scheme.


then this isnt what you are promoting in your opening post as you have gone on to add the other links, if it is a private thing with developer then you should state who the developer is, and im sorry i find it very hard to believe this will cost you nothing, but im gald your happy in your new home
#8
sassie
then this isnt what you are promoting in your opening post as you have gone on to add the other links, if it is a private thing with developer then you should state who the developer is, and im sorry i find it very hard to believe this will cost you nothing, but im gald your happy in your new home


The scheme that we have got is the same as the one I was promoting in the threads that I have linked to but we have got it through a developer instead of the government scheme.
We saw the contracts for both schemes and everything was the same. The developer offer we got was from the developer Keepmoat, the only reason I mentioned the Homebuy scheme rather than the one we ended up getting (which is the same) is because I don't know if Keepmoat are a nationwide developer whereas Homebuy is available through quite a few developers.
Keepmoat offer both the scheme that we got and the Homebuy scheme, we only went with the developer offer because it was on at the particular development we ended up buying at.
banned#9
spider1986
The scheme that we have got is the same as the one I was promoting in the threads that I have linked to but we have got it through a developer instead of the government scheme.
We saw the contracts for both schemes and everything was the same. The developer offer we got was from the developer Keepmoat, the only reason I mentioned the Homebuy scheme rather than the one we ended up getting (which is the same) is because I don't know if Keepmoat are a nationwide developer whereas Homebuy is available through quite a few developers.


It isnt the bleedin same, you are promotng an interest free loan of 25000, and only 25000 to pay back within 10 years and nothing else, this is not the case at all, and again i would eat my hat if this is what you have

im not going to go round in circles again and really have no idea why you have felt the need to start it all up again, why not bump one of the other threads, theres enough of them
#10
Shengis
I have 3 quotes that I think fit quite well...

"If it looks too good to be true, it probably is...."

"Where there's a scheme there's a schemer"

And

"This will not end well...."

:lol:

I reckon people are going to get shafted like they did about 10 years ago on endowment mortgages:thinking:


How can you lose out when house prices are going to go back up?

They benefit from their 25% and the buyer benefits from their 75%.



Only posted anyway to let people know that our deal had gone very well, we're all moved in, and that maybe something good could come out of the schemes despite the negativity.

Didn't want to start the debates of last time! :oops:
#11
spider1986
How can you lose out when house prices are going to go back up?


Because you owe them x% of the value of the property at term, not the original loan (that was only to cover x% of the original value). In those circumstances you're actually better off if the value stays the same rather than increases. You only benefit from an upturn in market value on a standard mortgage or if you own the property outright:thumbsup:

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