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Shared Ownership

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carolann312
carolann312 Posts: 69 Forumite
First Post First Anniversary Combo Breaker
in House buying, renting & selling
Hi a bit of advice needed please.

I recently sold my house due to a marriage breakdown and am currently in a rented property. I would like to buy my own property in a few months time but because of my age (55) and salary (just under £18000) I don't know whether I will get a mortgage for a property that will fit myself and my two children in.

I have just come across some new build properties that are being sold on shared ownership basis and wondered if this was the best route to go down. I have a lump sum from the recent sale so was thinking I could perhaps buy 75% with this and a mortgage.

Are there any horror stories out there re shared ownership or is this a good idea?

Thanks

Comments

  • aneary
    aneary Posts: 921 Forumite
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    I would find out first what size mortgage you can get (probably limited to a 15 year term) then you can decide what you are able to afford.

    Note with Shared ownership you will need to pay rent the key is how much the rent is some are affordable some not so much.
  • 00ec25
    00ec25 Posts: 9,123 Forumite
    Combo Breaker First Post
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    there are hundreds of threads about shared ownership

    use the forum search function
  • pelirocco
    pelirocco Posts: 8,274 Forumite
    Name Dropper First Anniversary First Post
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    if every body just searched for previous posts instead of asking for advice , there wouldnt a lot going on
    Vuja De - the feeling you'll be here later
  • Knicknack
    Knicknack Posts: 29 Forumite
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    75% seems like a larger share than the usual, will you have the opportunity to buy out the remainder at a later date?
  • usefulmale
    usefulmale Posts: 2,627 Forumite
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    carolann312 wrote: »
    Hi a bit of advice needed please.

    I recently sold my house due to a marriage breakdown and am currently in a rented property. I would like to buy my own property in a few months time but because of my age (55) and salary (just under £18000) I don't know whether I will get a mortgage for a property that will fit myself and my two children in.

    I have just come across some new build properties that are being sold on shared ownership basis and wondered if this was the best route to go down. I have a lump sum from the recent sale so was thinking I could perhaps buy 75% with this and a mortgage.

    Are there any horror stories out there re shared ownership or is this a good idea?

    Thanks

    You haven't supplied any figures but why not buy the minimum share possible, giving you security of tenure for the least possible mortgage / rent, leaving you with cash in the bank to spend on you and the chiildren.
  • carolann312
    carolann312 Posts: 69 Forumite
    First Post First Anniversary Combo Breaker
    Options
    Knicknack wrote: »
    75% seems like a larger share than the usual, will you have the opportunity to buy out the remainder at a later date?

    Yes that would be possible.
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