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  • FIRST POST
    • carolann312
    • By carolann312 29th Nov 17, 12:04 PM
    • 50Posts
    • 3Thanks
    carolann312
    Shared Ownership
    • #1
    • 29th Nov 17, 12:04 PM
    Shared Ownership 29th Nov 17 at 12:04 PM
    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
Page 1
    • aneary
    • By aneary 29th Nov 17, 12:58 PM
    • 799 Posts
    • 699 Thanks
    aneary
    • #2
    • 29th Nov 17, 12:58 PM
    • #2
    • 29th Nov 17, 12:58 PM
    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
    • By 00ec25 29th Nov 17, 2:02 PM
    • 5,537 Posts
    • 4,920 Thanks
    00ec25
    • #3
    • 29th Nov 17, 2:02 PM
    • #3
    • 29th Nov 17, 2:02 PM
    there are hundreds of threads about shared ownership

    use the forum search function
    • pelirocco
    • By pelirocco 29th Nov 17, 3:35 PM
    • 7,590 Posts
    • 8,463 Thanks
    pelirocco
    • #4
    • 29th Nov 17, 3:35 PM
    • #4
    • 29th Nov 17, 3:35 PM
    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
    • By Knicknack 29th Nov 17, 5:33 PM
    • 29 Posts
    • 9 Thanks
    Knicknack
    • #5
    • 29th Nov 17, 5:33 PM
    • #5
    • 29th Nov 17, 5:33 PM
    75% seems like a larger share than the usual, will you have the opportunity to buy out the remainder at a later date?
    • usefulmale
    • By usefulmale 29th Nov 17, 5:34 PM
    • 2,321 Posts
    • 4,302 Thanks
    usefulmale
    • #6
    • 29th Nov 17, 5:34 PM
    • #6
    • 29th Nov 17, 5:34 PM
    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
    Originally posted by carolann312
    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.
    Originally Posted by MSE Forum Team
    We’ve had to remove your signature because what you wrote was true and sensible and there's no room for that here.
    • carolann312
    • By carolann312 29th Nov 17, 11:37 PM
    • 50 Posts
    • 3 Thanks
    carolann312
    • #7
    • 29th Nov 17, 11:37 PM
    • #7
    • 29th Nov 17, 11:37 PM
    75% seems like a larger share than the usual, will you have the opportunity to buy out the remainder at a later date?
    Originally posted by Knicknack
    Yes that would be possible.
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