Thursday, April 05, 2012

[The Life of Shaun #445] 100% Slumlord!

As many of you know, when I "bought" my flat, I only purchased a 35% share.  Britain in general, and London specifically, is a very expensive place to buy a home.  To help first-time and lower income buyers, the government has myriad shifting schemes that help you get on the housing ladder.  In 2008, when I moved in, I bought on what was then called "Shared Ownership".  With this I bought a 35% stake in the flat and then paid a subsidised rent to the housing association for the other 65%.  The idea is that in the future you'll buy a bigger share as you can afford it.

Now, today, just short of four years later, I have completed on a re-mortgage to "staircase", in the vernacular, to 100% ownership.  It meant I had to move to a brand new, 30-year mortgage to be able to afford the payments, but I am now officially and fully a slumlord.

Very happy to own my little piece of the East End (and get out of the ever-raising rent portion - was to be 7% this year!).

Cheers,
Shaun

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Shaun H. Coley | Shadwell | Tower Hamlets | London E1 | UK | www.nocirc.org

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