Homebuy Show - questions

ClareEmily

Hi there

We have been privately renting for the past 8 and a half years, I work as a PA and my hubby is a self employed taxi driver.

I am 31 and hubby is 39.

We really want to get on the property ladder but have no savings, so we are thinking of looking at shared ownership.

We are today going to the homebuy show in East Hampshire, what kinds of questions should we be asking?

Have any of you been to a similar show?

Any advice would be appreciated, sorry if been covered before.

Clare

robin_banks

I really wouldn't bother with shared ownership.

It's a nightmare to buy, you are massively restricted by the number of mortgages available to you, Housing Associations are notorious for overvaluing these schemes - they are just not selling these days.

I really could go on and on.

m1ntie

OP search for threads under "shared ownership", to get an idea of the problems with these schemes.

robin_banks

After re-reading your post;

Nearly all shared ownership schemes are also restricted to people who live or work in the local authority they are looking to buy in.

You'd in all probably be excluded from even being considered for shared ownership as you have no savings, as far as a housing association (and a prospective lender) is concerned you've made no effort to save.

TBH you're bonkers to even think about buying at any time without a deposit, and especially now.

PasturesNew

Look at places you could afford if they were 25% cheaper, then devise a plan to save 10% of that much in the next 2 years.

In 2 years' time start looking at how much those affordable places are then. House prices will be falling, then low and not rising for a few years yet. You need a savings plan and strategy to buy outright in a few years' time.

Perhaps now you can even look at renting something smaller/cheaper (with less heating, council tax, insurance costs) and squirrel that extra away too.

brit1234

Shared Ownership :eek::eek::eek::eek::eek::eek:

Very bad idea with all the problems and extra costs. Their are 1000's of threads on this already why it is so bad (2-3 yesterday alone). Far better to get a normal property, prices are falling fast and shared ownership are over valued not to mention restrictive and hugely costly.:eek:

ClareEmily

All I can say is !!!!!! then lol

Right noone has anything good to say about shared ownership?

I got the impression with some schemes you only had to have a min £2,500 in savings (for solicitors fees etc)

Can't get much smaller than our 1 bedroom flat tbh to save money for a deposit.

poppysarah

You should get some savings first.
When you've saved £10k come back and ask.

robin_banks

Of scurse you'll need substantially more than £2500, it's called a deposit, lenders are known to be quite fond of them. Said lenders will be within thier rights to consider why a couple both in full time employment have no savings.

That however is a side-issue, shared ownership is a very poor choice for a multitude of reasons regardless of savings.

ClareEmily

poppysarah wrote: »

You should get some savings first.
When you've saved £10k come back and ask.

Drawing my pension by then

robin_banks

ClareEmily wrote: »

Drawing my pension by then

How so, you're in full time employment, and your partner is self employed.