Shared Ownership

SkidMarkKing · 6 Mar 2017 at 13:04

darknite said:
Ok in that case, 12 months at £350 available cash. Take away 1 month for car insurance, half a month for car service/mot, half a month for home insurance. 10 months saving at £350 is not so bad given your total budget

The way I look at it, yeh it is £550PCM inc rent and mortgage but most houses are £500 a month to rent and thats without a drive etc (This have a drive

).

The one we have seen is a 3 bedroom one. For a 2 bedroom (None in the area) it is 75k instead of 85k.

linktoinsanity · 6 Mar 2017 at 13:11

I have gone with shared ownership and have a 45% ownership with mine, better than throwing all the money into rent, but it does rather tie you down to one location, especially to start with.

darknite · 6 Mar 2017 at 13:12

SkidMarkKing said:
The way I look at it, yeh it is £550PCM inc rent and mortgage but most houses are £500 a month to rent and thats without a drive etc (This have a drive ).

The one we have seen is a 3 bedroom one. For a 2 bedroom (None in the area) it is 75k instead of 85k.

Sounds ok then. Some numbers to factor into your workings, as these have hit me already. Car insurance went up by just over 25% for me this year, renewed last week. Council tax rise of 4.8%. TV Licence £2 a year more. Mobile contracts all went up by RPI. Waiting to see if any increase in home insurance this year.

SkidMarkKing · 6 Mar 2017 at 13:20

linktoinsanity said:
I have gone with shared ownership and have a 45% ownership with mine, better than throwing all the money into rent, but it does rather tie you down to one location, especially to start with.

The good thing is the town is where a lot of my family are and there is a bigger town within 7-8 miles with a much better job opportunity than where I am now.

HoneyBadger · 6 Mar 2017 at 13:48

I bought my first home (1 bed flat) in 2009 on a shared ownership scheme. It was valued at 100k and I bought the minimum amount of 25%. I was single and had very good income, no debt so financials werent a problem.

I was going to buy more (max was 75%) but I was advised not too, the reason being that if I wanted to sell it at a later date, any potential new buyer would need to find a deposit based on the 75% which at the time, could be tricky, whereas finding a deposit on 25% could be far easier, I took this advise and I'm so glad I did!

I got a mortgage with Leeds building society for the 25% which worked out at £152 a month, I then had a ground rent of about £80 a month. Rent for the 75% came in at an additional 400/450 a month, however I was VERY lucky and negotiated a year free rent with the developer of the flat.

Just as I moved in, I met my now wife and 1 year, 1 week later we had sold my flat and moved into our house where we still are today, so I got very lucky that I never paid rent, so had a cheap place! I also made a 4K profit!

As part of the council rules, I had to let the developer try and find a buyer for my flat - at the time they have 3 months to find one and if they couldn't, I could go onto the open market myself. Fortunately they did via a special scheme they had going and the first people that viewed it, bought it. But again, they said if I had bought more initially, it would have in turn priced them out. Something to possibly consider. Good luck!

dalehitchy1 · 6 Mar 2017 at 14:09

I'm currently buying a house so here might be an option for you....

My partner had bad credit so when we went to bank they wanted a 15% deposit which we couldn't afford. In the end I found a house which I got for 90k... And instead of having 15% deposit I got the mortgage on my own and only needed a 10%.

Don't try loads of banks as it will affect your credit. Another tip is Halifax seem more relaxed than other banks and using their online tool doesn't affect your credit as it's a soft search.

SkidMarkKing · 6 Mar 2017 at 15:59

dalehitchy1 said:
I'm currently buying a house so here might be an option for you....

My partner had bad credit so when we went to bank they wanted a 15% deposit which we couldn't afford. In the end I found a house which I got for 90k... And instead of having 15% deposit I got the mortgage on my own and only needed a 10%.

Don't try loads of banks as it will affect your credit. Another tip is Halifax seem more relaxed than other banks and using their online tool doesn't affect your credit as it's a soft search.

Thanks. I am waiting to hear back from the company which were mentioned on the site the house is listed.

My partner actually has bad credit which happened years ago and she is now paying off. There is no way they will accept me on my salary only.

I have actually emailed a few IT companies to see what they require for the level 2/medium to advanced support roles. I have a BTEC National in IT and 4 years with mainly domestic support but I don't want to be doing that for the rest of my life on nearly minimum wage. That is a different thread altogether though

HungryHippos · 6 Mar 2017 at 22:10

Nothing wrong with shared ownership in principle, but you don't truly own the property which does restrict what you can do a little, i.e. you may have to abide by pet regulations and home improvements may need to be asked about instead of just doing them.

I'm looking at houses down my way but v expensive, and I really want detached.