Shared Ownership For Key Workers

Hi all

Before automatically replying "Share ownership is rubbish" please read my situation.

So I am a key worker, and my mid 20's and really need to move out to my first apartment. I have a 10k/15k deposit saved, and 21k per year, or 23.5k with the London key worker extra money I recieve.

Getting a mortgage on a place for 120k, which is the lowest in my area of London isnt possible, I simply dont have enough of a deposit, and dont earn enough to get the mortgage.

The key worker scheme is something however I can afford. I can get a 50% share of a place for around 65k. I can pay a deposit of 10k, leaving a 50k mortgage which is achievable, and then pay the extra rent, which I work out to be around £230 a month ontop of the mortgage repayments.

I will be buying a place to live, not to stay for a while then sell, but to live in for a long time.

Can I be shown the benefits/cons to doing this scheme. I have read the many threads about it, people seem very quick to critise it but dont really back it up with reasons, apart from the higher price you may pay, and the likelyhood if you sold in a few years it would of decreased in value. The second part wont effect me as Im not planning on moving to a second place anytime soon.

I know many people will say "just keep saving a bigger deposit", but it REALLY is time I moved out, I pretty much do not have any choice but to move in the next 6-8 months.

Any advice?