Many people now feel trapped despite major provider’s guidance that mortgage, rent and service charges should not exceed 40% of take-home payResidents who bought shared-ownership properties promoted as “affordable homes” say they now feel trapped because they have to spend more than half of their net salaries on mortgage repayments, rent and service charges.Campaigners say residents have become the victims of financial abuse after buying properties promoted as a step on the property ladder, only to be told of dramatic increases in service charges. Some residents face annual charges of more than £5,000 a year. Continue reading…
Source link : https://www.theguardian.com/money/2024/sep/22/affordable-shared-ownership-homes-cost-residents-more-than-half-their-wages
Author : Jon Ungoed-Thomas
Publish date : 2024-09-22 09:00:06
Copyright for syndicated content belongs to the linked Source.
‘Affordable’ shared-ownership homes cost residents more than half their wages
