I'm doing the right thing and staying put

stevens001

Hello, this is my first post on this forum

Im 29 yrs old, single and on about 18k a year, with £12k desposit.

I've been renting with my mate for a while now and thought it was time I found my own place to get a mortgage on.

The first thing I looked at as shared ownership. I tohught it sounded good as I was going to buy an aparment for 50/50. 100% value was around £102,000 I think. However, after this I started getting advice and reading peoples comments on here. I soon realised you are paying way over the odds in the long run just to get on the ladder.

Next was shared equity, found a nice apartment. i would be paying around 82k for 75%. This was in my price range, however i started thinking "how will i pay off the remaining 25kish in 10 years. What if I cant and need to sell the place, will i end up in negative equity and pay for it in the long run.

So i have decided to stay renting until i find a wife or a better job!

peace of mind for myself and no sleepless nights worrying.

what are your thoughts?

wymondham

stevens001 wrote: »

Hello, this is my first post on this forum

Im 29 yrs old, single and on about 18k a year, with £12k desposit.

I've been renting with my mate for a while now and thought it was time I found my own place to get a mortgage on.

The first thing I looked at as shared ownership. I tohught it sounded good as I was going to buy an aparment for 50/50. 100% value was around £102,000 I think. However, after this I started getting advice and reading peoples comments on here. I soon realised you are paying way over the odds in the long run just to get on the ladder.

Next was shared equity, found a nice apartment. i would be paying around 82k for 75%. This was in my price range, however i started thinking "how will i pay off the remaining 25kish in 10 years. What if I cant and need to sell the place, will i end up in negative equity and pay for it in the long run.

So i have decided to stay renting until i find a wife or a better job!

peace of mind for myself and no sleepless nights worrying.

what are your thoughts?

100% correct, well done. Pity more don't see past the initial purchase....

b0rker

stevens001 wrote: »

So i have decided to stay renting until i find a wife or a better job!

peace of mind for myself and no sleepless nights worrying.

what are your thoughts?

A woman has the potential to cause you more sleepless nights than negative equity ever would.

J_Devon

Sounds like a good plan to me.

I've seen mixed opinions on the various schemes available (Ownhome and MyChoice Homebuy). I was tempted, but now seen the light and decided to wait 12 months and see what happens (unless of course something comes along beforehand which I can afford without the assistance of a scheme.

Save, save save!

Entertainer

Good decision. Check out the house buying forum for more views on this.