Shared ownership - 99% mortgage 1% rent

[Brooklyn]

Just out of curiosity roughly how long did it take for it all to go through from when you first inquired?

Well I think it was around five months to get it through DCC (part of which was due to their giving ending me the wrong forms twice and changing the arrangement from 99/1 to full mortgage), then another five to get the new folio registered at the PRA.

 

[ericsson]

Thanks for all the advise Brooklyn. This is something I will defo be enquiring about during the week

Ericsson

 

[Recessionist]

99% Mortgage 1% Rent

According to DCC this scheme is no longer and new scheme being announced in October.

I understand that DCC is now trying to encourage people on shared ownership to go to 99% mortgage 1% rent. I'm told that this would not require a revaluation or repaying the clawback.

The obvious advantage is that you own much more of the property and much less of your monthly payments will go into a black hole never to be seen (by you) again.

The obvious disadvantage is that you're taking on a much bigger mortgage and so your monthly payments will increase... especially when interest rates start going up again.

What are the other pros and cons?

(Mine is also affordable housing, if that makes any difference)