Has anybody bought an equity share in a property?

[Gregorianchant]

If so, did it work out for you and how easy/complicated was it? Is there a set period during which you have to buy the other part and how does it work?

This thread arises out of another thread running about where to buy in Manchester. The wise MNers advise that Salford is not the best place to be so I am wondering if it would be better to buy a share of a place more central. The budget is £80-£100k cash - we can't get a mortgage as we are not working yet (we are students at Manchester Uni).

Any advice from those with experience of equity share would be greatly appreciated!

Btw it's not the whole of Salford you being advised against Gregorian. Shared ownership schemes are usually available only to those in particular professions/jobs who cannot to buy outright themselves.

It isn't a profession / job criteria (although in London there is a scheme for key workers), but you have to be on less than 56K combined income. Or you can do Help to Buy on new build.

Thanks Unescorted, that's really helpful. We don't have any income at present, so presumably we qualify!

You have to pay rent on the other share and service charges etc so you won't qualify for equity share if you have no income . There is usually a minimum income requirement. As well as a maximum.

www.sharetobuy.com/faqs/shared-ownership-am-i-eligible-

That says student loans bursaries and benefits won't qualify as income. You will need a job first.