Co-Ownership?

Indigo's_Mum

I completely recommend that you buy as much as your house as you can in the beginning....even if it does take 100% mortgage. That way you have a smaller portion to buy if the price goes up.

Co-ownership will interview you and discuss your options, but based on the information you give them, if you are aproved, they will advise how much you will be able to buy.

Also, any improvements you need to make which might add value.......wait until you own your house outright before you do them. If you buy a house and convert your attic and build a garage and build a sunroom or something, adding thousands to the value, then sell, you still have to split half of the sale price, even though you have paid for all of the improvements.

leftieM

There's information here:

http://www.co-ownership.org/information/home-buyers/

frepol

Indigo's_Mum wrote: »

Also, any improvements you need to make which might add value.......wait until you own your house outright before you do them. If you buy a house and convert your attic and build a garage and build a sunroom or something, adding thousands to the value, then sell, you still have to split half of the sale price, even though you have paid for all of the improvements.

No. Coownership ignore all improvements you make to the property and value it as if they had never been done.

Kataratarina

i'm really considering it-printed off the 34 page application today!!!

where could i get free independant advice??
onestop mortgage shop?

Lobell

frepol wrote: »

No. Coownership ignore all improvements you make to the property and value it as if they had never been done.

This was certainly my friend's experience when she sold her co-ownership property. She fought tooth and nail to get ther valuation increased as she had carried out extensive improvement works over the years and, in the end, she managed to get almost £20k extra when they conceded. However, it took several months & the intervention of her solicitor to reach that conclusion.

tara747

Kataratarina - have you seen the NI house price graphs lately? Average prices are down £90,000 from the peak (down from £229,000 to £138,000). If you wait, you will prob be able to buy a house outright without any co-ownership needed. Obviously I don't know your salary etc, but if these falls continue the way they're going, houses are going to be (whisper it) affordable in NI in the next couple of years.

HTH.

Kataratarina

my wage after tax is 1000pm (1300 if i do overtime)

currently me and my OH pay 550 in rent.

also my outgoings are: 250 loans paid in 2 years
car insurance 25
tv licence-26 (which will drop to 11 quite soon)
02 bill 25 which i intend to go PAYG in june when my contract ends....

and then food etc- but i pay the above bills my OH does the shopping....

i done an experian check there and got 999 (excellent) but on other threads ive been told it means nothing when coming to mortgages etc.

i just dont know what to do for the best?

thriftyminx13

Are you paying £250 in loans each month currently? if so then thats a big commitment. Don't forget if you get a house then that is another 50 or so in rates; 20-30 life insurance; 10-15 building and contents insurance a month. Oil/electricity and water bills may come in too.

What does your partner earn that can also be a factor.....

Kataratarina wrote: »

my wage after tax is 1000pm (1300 if i do overtime)

currently me and my OH pay 550 in rent.

also my outgoings are: 250 loans paid in 2 years
car insurance 25
tv licence-26 (which will drop to 11 quite soon)
02 bill 25 which i intend to go PAYG in june when my contract ends....

and then food etc- but i pay the above bills my OH does the shopping....

i done an experian check there and got 999 (excellent) but on other threads ive been told it means nothing when coming to mortgages etc.

i just dont know what to do for the best?

Kataratarina

my OH has a bad credit history so would qualify - but could i say i receive help from him but have my own wages taking into consideration?