Shared Ownership?

[nicolala]

Morning all.


So, basically got a new job as of yesterday just waiting to start, NHS Matron etc..

Great money and what not.
So anyway what I'm getting at here is I spoke to my sister in law yesterday as she's on a shared ownership scheme with her house etc and apparently it's a good way to get to own you're own property these days..

I'm a little unsure but have decided to sign up for it and see what the companies send me in housing wise, I don't mind owning a house, but would probably prefer an apartment as around here the apartments look lovely inside and out, I'd be the first person to live in whatever they offer me - which I think is great?!

Anyone had any experience with shared ownership and can offer me their wisdom?

Thanks.

[kristel10589]

We worked it out that in the long run it'd cost more than owning your own place outright. It's a easier way to buy tho as you need a much less deposit as you're only buying a percentage of the property.

[Mr_X]

i would be very careful.

[nicolala]

Considering it's very difficult for a twenty year old to take out a motgage these days, I think it's the only way of doing it without blowing your money on renting...

I will look more into it before I agree on taking out ownership on anything.

[scotty_04]

if you work for the nhs the co opertive have a good scheme its kind of shared ownership and you dont need a deposit we managed to get our house this way as the misses works for the nhs

[nicolala]

if you work for the nhs the co opertive have a good scheme its kind of shared ownership and you dont need a deposit we managed to get our house this way as the misses works for the nhs

Serious? Right I'll look into the co-operative schemes then. That's great to hear, I do think us nurses get a lot of support.

[AlexR]

If you and Ross went in together, plus got your parents to guarantee the morgage, you'd have no problems getting a full mortgage, have to scrape together a good few bags 'o sand as a deposit still, worth saving up for a year and doing that :D

[scotty_04]

yeah, they were very helpful aswell aslways keeping us updated aswhat was being done and what was holding things up

[nicolala]

If you and Ross went in together, plus got your parents to guarantee the morgage, you'd have no problems getting a full mortgage, have to scrape together a good few bags 'o sand as a deposit still, worth saving up for a year and doing that :D

How do you know Ross? & I'm not moving out with Ross?! I'm moving out alone.

[Johnn]

If you and Ross went in together, plus got your parents to guarantee the morgage, you'd have no problems getting a full mortgage, have to scrape together a good few bags 'o sand as a deposit still, worth saving up for a year and doing that :D

Stalker :panic:

[Mr_X]

also remember Interest rates are only going one way.

[littleracer]

Considering it's very difficult for a twenty year old to take out a motgage these days, I think it's the only way of doing it without blowing your money on renting...

I will look more into it before I agree on taking out ownership on anything.

You can get a mortgage,its the deposit thats the killer although more 10% and even 0% deposit mortgages are coming out now.

Renting isn't blowing your money,infact it can be better then buying your own house!

People should and need to remember that even if you have a mortgage you do not own your house,the mortgage lenders do,until you pay that final payment on the mortgage,you are effectively renting.
The difference is though,you miss a payment or lose your job,your homeless,as the mortgage lender can reposess 'your' house!
If you rent,your protected against unemployment etc.

As what kristel has said,long term it costs more,itl probably take you twice as long to own the whole house then it would using a 25 year mortgage.

bottom line,if you can't afford a deposit (although youd still need a deposit of some kind wether buying,half buying or renting) then look into shared ownership.

[Mr_X]

Renting isn't blowing your money,infact it can be better then buying your own house!

this is so often overlooked.

[nicolala]

You can get a mortgage,its the deposit thats the killer although more 10% and even 0% deposit mortgages are coming out now.

Renting isn't blowing your money,infact it can be better then buying your own house!

People should and need to remember that even if you have a mortgage you do not own your house,the mortgage lenders do,until you pay that final payment on the mortgage,you are effectively renting.
The difference is though,you miss a payment or lose your job,your homeless,as the mortgage lender can reposess 'your' house!
If you rent,your protected against unemployment etc.

As what kristel has said,long term it costs more,itl probably take you twice as long to own the whole house then it would using a 25 year mortgage.

bottom line,if you can't afford a deposit (although youd still need a deposit of some kind wether buying,half buying or renting) then look into shared ownership.


I can afford a deposit on renting but I think shared ownership is probably the easiest way for me. I will look into other schemes and offers I can get threw the NHS also.

[AlexR]

He's mates with Karl etc, know him indirectly, or know of him basically lol

You really don't want a shared ownership, trust me. It's really not worth it.
If you save up, plus "make" yourself a good credit rating, then you can get your parents to guarantee the mortgage which makes you even more likely to get one. Save £10k(or get family to donate some lol) then you will be sorted! It's worth waiting. And moving out as a couple is MUCH easier obviously, as you pay half the bills, half council tax, half mortgage...

[nicolala]

Stalker :panic:


Yes... That's worrying me!

[nicolala]

He's mates with Karl etc, know him indirectly, or know of him basically lol

You really don't want a shared ownership, trust me. It's really not worth it.
If you save up, plus "make" yourself a good credit rating, then you can get your parents to guarantee the mortgage which makes you even more likely to get one. Save £10k(or get family to donate some lol) then you will be sorted! It's worth waiting. And moving out as a couple is MUCH easier obviously, as you pay half the bills, half council tax, half mortgage...


Ohyes I know Karl. Lol.

& moving out alone is more of an option for me due to the fact I don't have the worry of someone deserting me, nor have I got the worries of any complications that "might" come up.

[littleracer]

I can afford a deposit on renting but I think shared ownership is probably the easiest way for me. I will look into other schemes and offers I can get threw the NHS also.

If you cant afford a deposit fo renting,i wouldnt even think about buying yet.

The other thing to think about is paying bills etc monthly.our outgoing for a month in bills etc is roughly 1200.

[nicolala]

If you cant afford a deposit fo renting,i wouldnt even think about buying yet.

The other thing to think about is paying bills etc monthly.our outgoing for a month in bills etc is roughly 1200.

Read it again, I said I could afford a desposit for renting.

[littleracer]

Read it again, I said I could afford a desposit for renting.

my bad!

[rushy_23]

If you and Ross went in together, plus got your parents to guarantee the morgage, you'd have no problems getting a full mortgage, have to scrape together a good few bags 'o sand as a deposit still, worth saving up for a year and doing that :D

Thats the solution we though out initially. Various banks turned us down due to the deposit of 10% being too low.

Not sure on the financial situation now, but this was Spring 2009..

We ended up putting a much much larger deposit down than we wanted to.

[nicolala]

:) that's okkk.

[Matty_Mills]

Buy TBH.
House prices are LOW at the moment.

I just prefer the idea of owning my house in a few years.

[nicolala]

Buy TBH.
House prices are LOW at the moment.

I just prefer the idea of owning my house in a few years.

Exactly how I feel..

[SaxBuild]

Morning all.


So, basically got a new job as of yesterday just waiting to start, NHS Matron etc..

Great money and what not.
So anyway what I'm getting at here is I spoke to my sister in law yesterday as she's on a shared ownership scheme with her house etc and apparently it's a good way to get to own you're own property these days..

I'm a little unsure but have decided to sign up for it and see what the companies send me in housing wise, I don't mind owning a house, but would probably prefer an apartment as around here the apartments look lovely inside and out, I'd be the first person to live in whatever they offer me - which I think is great?!

Anyone had any experience with shared ownership and can offer me their wisdom?

Thanks.This is a great idea if you are over the age of 60 and want to release some of the equity in your home, though for a first time buyer it is not. Especially if you want to have a family later in life and require a bigger home, you don't get back the full value that you put in to your home and if the market drops when it comes to a time when you want to move on and buy a house on your own, if the equity in the home is low then you can lose far more money than you actually originally put in.

[bullit]

pers0nally id save f0r the next c0uple 0f years

[endlesstimes]

save save save save and save a deposit of like 20% of your ideal budget e.g 20% of 200k (to get your mortgage at a decent rate? then buy your own place.. :)

[Heliosphan]

This is a great idea if you are over the age of 60 and want to release some of the equity in your home, though for a first time buyer it is not. Especially if you want to have a family later in life and require a bigger home, you don't get back the full value that you put in to your home and if the market drops when it comes to a time when you want to move on and buy a house on your own, if the equity in the home is low then you can lose far more money than you actually originally put in.


How is this a great idea if you're over 60 and not for a first time buyer? These mortgages/schemes are designed with first time buyers in mind!

Shared Ownership allows buyers (who want to get on the property ladder) to purchase a property that they otherwise couldn't afford. All you do is buy a % of the property and then pay part rent to a housing association. You usually get an option to "buy more" of the property as time goes on.

If you sell, you get the market value (as a %) exactly the same as you do if you owned it outright.

What you've posted is wrong and misleading in almost every aspect.

[chimpy_vts]

shared ownership seems tobe the only option for new buyers atm but you do end up spending more over all. theres a new thing starting now where people who are selling there properties will pay the morgage deposit if you agree to pay the full asking price ( with a morgage i mean not like you litrally pay what they want in one go lol) thats what im doing

[dannyhall]

What's your new job?

Been looking at shared ownership myself, but think it's going to be more worthwhile waiting a bit longer till I can afford the deposit for a mortage... Just the masses of money I need to save! :(

[saxovtsmad]

i will rent you my shed danny lol

[dannyhall]

Lol i'm alright tar Mick, I fancy somewhere warm! :P And where I can play xbox!!

[Paul_JC]

digging up an old thread... well not that old.

With regards to shared ownership id steer well clear.

REnting for 6 months could be a good way for you to gauge whether you can afford to live on your wage... pay bills, rent etc.

Then if your managing save some money for a deposit. although it may be harder with out goings :\

the only other advice i would give is to come to my work and see the mortgage guys here as the government scheme is still running and you can buy a house and you only have to get a mortgage for 70% of the property value as the government put in the other 30% and you own the house outright.

[CampDavid]

Look at all the schemes available, I think some of the deals for public sector workers can be quite good.

Bear in mind that in the housing crisis flats have been the most affected, especially new ones. The flats near me whick I half looked at were £187k in 2007. They're £129,995 now. That's a big hit. Older houses haven't been affected nearly as much