Debate Magazine

Another Official Property Scam

Posted on the 22 November 2020 by Markwadsworth @Mark_Wadsworth

Recently there was a piece on Radio 4 about "shared ownership", which is buying a house on the never never, but with the added joy of paying a mortgage on the part that you "own".
As far as I can see this is yet another "initiative" to try to blow some air into the housing bubble and get round the rules on lenders designed to stop borrowers reducing themselves to penury whist they desperately try to get access to the magic money tree that is housing in the UK. It combines the worst aspects of renting - it's not your house to do what you want with - with the worst aspects of buying - the properties are leasehold and, so long as you only own a small percentage, your share is almost unsaleable, so you are stuck with it.
It has all the makings of a mis-selling scandal of the future, I expect the ambulance chasers are already gearing up.

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