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Read the small print on shared ownership, house hunters told
12/11/10
Edited by Andy Jowett.Prospective first-time buyers should exercise caution when looking at shared ownership as a path to getting on the residential property ladder, according to one commentator.
David Amstell, founder of housing website Briffy.com, said that while he is not personally a fan of the schemes, they can provide a "little step" into the market for people who have no other affordable options.
Nevertheless, he claimed house hunters have to be careful when looking at shared ownership.
"You have to watch what the schemes have to offer and what all the details are. Read the small print," Mr. Amstell said.
His comments follow a report from Halifax, which showed many people could be missing out on landing a home because of misconceptions about shared ownership and shared equity deals.
A poll by the lender showed some 19 per cent of respondents thought paying a mortgage and rent together would be too expensive, yet 69 per cent of those who would consider using an affordable housing programme said it would actually make buying a property cheaper.
