Because you only buy part of the house, & continue to rent the rest from whoever owns it (housing association or similar, usually). I assume that if between 2 of you you met the conditions, you'd be able to buy the part between you with a standard joint mortgage - but you'd still only own 50% of the house (or whatever % you arranged). I believe such arrangements usually also involve you being able to buy a bit more at a later date if you can afford a bigger mortgage a few years down the line.
Because you only buy part of the house, & continue to rent the rest from whoever owns it
Ah, I see. Thanks!
I assume that if between 2 of you you met the conditions, you'd be able to buy the part between you with a standard joint mortgage
Exactly, & that's what sion_a and I did; even if we'd been relying on just our salaries (i.e. if we hadn't had the huge amount of CASH that sion_a had from the sale of the house he'd owned outright) we would have been able to get a mortgage on a house in Cambridge, though it would have been a much smaller one obviously!
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timeasmymeasure
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Date: 2005-04-06 06:17 am (UTC)45K? Blimey.
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Date: 2005-04-06 06:29 am (UTC)Ah, I see. Thanks!
I assume that if between 2 of you you met the conditions, you'd be able to buy the part between you with a standard joint mortgage
Exactly, & that's what