When I bought a 50% share in my #sharedownership flat in 1999 the flat was valued at £60k in total, so my initial mortgage was £30k. When I purchased the 2nd 50% share it cost around £80k. That's £110k so far. 1/3
In 2020, I still have £40k outstanding on the mortgage for the 2nd share, and my lease extension could cost a further £30k. So, 21 years after buying the initial 50% share of my #sharedownership flat, I still owe more than the flat was worth when I first moved in. 2/3
A #sharedownership flat worth £60k when I moved in could end up costing me around £140k. How is this #affordablehousing? How is it justifiable? 3/3
#ukhousing
@LKPleasehold @LondonAssembly @NLC_2019 @mhclg
#ukhousing
@LKPleasehold @LondonAssembly @NLC_2019 @mhclg
NB. The total amount of £140,000 paid for a £60,000 flat doesn't include rent paid to my housing association between 1999 and 2013 (before I staircased to 100%)....
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