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Can someone please tell me how these schemes work? Are they too good to be true?
Would love to own our own home, feel like we have a home rather than a borrowed house and have some sort of long term security. I just don't think that's possible though.
Iv looked into it a lot .
You need to have a decent deposit up front 20 grand or so .
And you basically are paying off the house with intention to get a loan for the remaining with in x amount of time , so many months to a couple of years depending on the agreement made ..
Get proper legal advice. They are often too good to be true.
If you miss one payment for any reason then you breach the agreement and lose your money. That is one possibility depending on the contract.
Also you usually aren't entitled to be registered as te owner until you have paid the entire amount off - years from now. So you can't borrow against it or refinance or anything.
Tread very carefully.