New Build HomeBuy Scheme

Bubblegumbum

Myself and my Partner have been looking into Shared ownership schemes and are particuarly interested in New Build homebuy.We are first time buyers. We are currently earning about £46000 between us take home and he is a keyworker. My parents have agreed to lend us a 10% deposit as we have no savings and our debts are 4 years from being paid off. We are desperate to own our own home and are fed up of renting as it seems such a waste of money to pay somebody elses mortgage when we could pay our own for not much more a month. We really want to start a family in our own home.

Are we doing the right thing in the current climate? I have read a few threads on here most of which are not very positive. Im really confused about it all and and whats involved. Please help!!!

Bertram1

Get on the housing market but pay off your debts first.

sukieq

I bought a shared ownership new build in December 2008. I would only do it if you really have no other options.

The reasons for me using this scheme were that I needed a stable base for me and my son. I found renting over a number of years didn't give me this.

However you are unlikely to get a decent mortgage offer as few building societies offer such mortgages and they are likely to be at a stupid interest rate. Also you will be responsible for all repairs even though you only own a fraction of the property.
Service charges tend to be high and housing associations can increase the rent annually.

I'd try and buy in a decent area so hopefully the value won't plummet (too much). My flat is in a good location so for me its cheaper than renting.

I'd say do your research meticulously and weigh up whats important to you.

Good luck