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Homebuy Show - questions
Comments
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robin_banks wrote: »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.
I'm not stupid, I do realise that we need a deposit and we are saving.
We don't have much saved as the majority goes on our rent and household bills. We are both not on massive salaries either.
We aren't going to make any decisions today, but as the shared ownership event was on our doorstep just thought we would pop along and see what they said.
I will do a search for other posts on here, as suggested by another poster.0 -
robin_banks wrote: »How so, you're in full time employment, and your partner is self employed.
I have moved jobs taking a £4k paycut, but much better company to work for and I will get a pay review in New Year.
My hubby has a LOT of outgoings, to run his taxi, fuel, loan re-payments for his vehicle, servicing, licence-ing etc etc. He also ran up some credit cards so is busy paying those off.0 -
Fair enough, you'll be as well off clearing debts before starting saving , especailly as interest rates are much higher on borrowings than savings.
Seriously though shared ownership is a very bad idea on a number of levels"An arrogant and self-righteous Guardian reading tvv@t".
!!!!!! is all that about?0 -
I hear what you are saying, it is just frustrating renting for so long and having nothing to show for it. In the 9 years we have been together we have never been able to afford to buy, which is why shared ownership seems appealing.
I realise I need to prioritise what I want out of life, we got married last year, which is another reason why we have little saved up.0 -
I think many people in your circumstances were 'sucked in' by shared ownership, FTR you are better off renting than a strange hybrid of renting and limited ownership - (that you cannot sell easily btw) ."An arrogant and self-righteous Guardian reading tvv@t".
!!!!!! is all that about?0
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