HomeShare

stratdude

Hi all,

Firstly Merry Xmas and a Happy New Year to all! :T

I have been away from the forum for a few months but im hoping to return will good news?

Me and my partner earn very little £23K between us hopefully to get bet better as im still training, and we want our own place. With our wage our mortgage would be so low we couldnt get a half decent size.

Speaking to my friend at work same age and circumstances he bought a home via a local housing association on the HomeBuy scheme. He said it was easy and doesn't look back. I have since spoken to a local one explained my situation and was told to get a mortgage for upto 50% of the value and im in "as I have ties with the local community" bonus I thought. Property value £130k so a mortgage of £65k. Spoke to my parents and they offered to lend me £7000 towards deposit etc. Excellent!

It's a newbuild ready in March 09 with fully fitted kitchen and bathroom. Great price I pay is with no real need to spend more on appliances.

Now the downside, I have two hefty credit agreements.
Car £191/Month
Motorbike £195/Month
Ouch!

Im not too concerned about the car I can finnish the agreement in Feb as it has so little left on it. :rolleyes:

The bike on the otherhand has a year and a bit to go. I have spoken to my local dealer who has kindly advised I bring it back and he will offer me a value and if enough settle on my behalf. So at present I owe aprox £3510 with a further £195 coming out Jan 1st/2nd so around £3315. 0% deal
The bike is new model only 1900 miles and 9 months old it would be sold easily by a dealer for £4500 so Im hoping to get the settlement price or so close I pay a few £100s and its gone. We both get a plus.

This will mean by Feb my only outgoing is car insurance at £30.

Its a bit of a big plan but if it works I will finally have my own home

Any thoughts or ideas on how I can make it better? Or any pitfalls im blind to?

Thank you all for the help over the past year.

Sunnyday

Do you have any idea how much rent that you will pay to the housing association for the remaining 50% of the property?
I would also see if the rent will be fixed and how much it will increase over time etc.

We looked into this a few years ago but the rented part was far too high for us to manage and we couldn`t get any guarantees about future rises.
All HA`s are different in different areas though so it may not be much of a concern for you.

Good luck
SD