affordable housing and shared ownership

Hello all,
I have been offered an affordable home under DCC. Thing is, the banks wont give me a loan so i have had to go to DCC for finance. So they have offered me "shared ownership" as means of purchasing my "affordable house". they are letting me purchase 70% and rent the other 30%. Has anyone else finenced their affordable house this way? What are your expieriences? Do you think I would be too much "in bed " with the city council?

Many thanks if you can help.....

many people have bought their houses this way. You can buy out the council at a later date.

Many people have done this and from what I have heard its a good idea only if you buy the council out of the rental part within about 2 years. As the rental part is only 30% you will prob be in a good position to buy them out in 1-2 years so I would go for it!

Hi there, Mr. Bear and I bought our first place with shared ownership. It is a really good scheme and you can buy them out after 1 year. It is my advise that you buy DCC out asap, as if you want to move (as we did) the sale of the place onwards will be far less complicated.

You will also be in a great position with a bank to get a mortgage as there will be an increase in equity in the house so you will not need aditional funds for a deposit.

Best of luck with the new place.

hi guys...
thanks for all ur answers and help.......

dingo