Shared ownership

gabyjane

Longest reply ever coming up!! have highlighted in blue as gets confusing otherwise!

Hmm wickedkitten not saying all older houses are like that (as aren't all new builds!) as our family house we grew up in was fab and although we did hear our neighbours at times it was a structural house as such BUT it was more than we could afford now years and years ago so would be in the region of £450k now so buying a 'proper old house' is out of the question as they are so so expensive now where we live all the time. I love new builds though and love our house to bits tbh so it doesn't matter.

Laura2507 i agree with your post and glad someone else has some positive replys! the bit 'that all the other flats are also SO and not mixed tenure with social housing. I never was a snob but after having a particular issue with a neighbour I regret being so open minded about it' is very true and where we are are all seperate houses or flats in houses so they all look the same as such! we are lucky and are semi detached and in a house but the flats across the rd have one horrible man in that i am currently trying to get evicted due to his childish behaviour (not to us long story) but other than him it is mixed and we have a lovely development..is worth looking into though! neighbours unfortunatly can come and go though so not always as easy as vetting them!


Idiophreak i agree with the sentance:Comparing the cost of these things to council properties is a bit odd as far as I can see - it should be compared against owning a house through "conventional" means...
This is what we did and we are far far better off with this house..we would be poor all the time and i think actually not as happy in a different property as i am impatient and like it all done!! which is what we have!

Chez again nice to hear a good story for once!

Catblue i think evidence is irrelevant really it is not a case of excluding anyone really as it is just how our scheme works..to me it is not rocket science that if (and this is where we live) can't afford your rent yourself then how can you think about a mortgage wether it's 40,50% etc?
Your sentence:
A lot of people are in council housing because it provides secure tenancies at a reasonable rent, not because they cannot afford private rents. That's why people tend to hold on to council tenancies as long as they can
Where we live! we have this scheme too and you have to prove that you are unable to rent privately, this is done by points and bands and you go into different bands accordingly..a lad i used to work with actually got work to fix his wages so he could have one of these 'cheap houses' (his words)..he pays minimal rent BUT he has been turned down for every mortage he as applied for as their attitude is if he is 'so poor' and needs that type of housing then fine but he is a risk..glad really as he was a real txxxer and i loved seeing his face drop when we told him we had bought! (cow aren't i!)

aconitum our lists for SO consist of in order: NHS, POLICE, FIRE etc etc, then us mere mortals in rented accom! you have to have lived her a minimum amount of years too which we both had/have! Dh joined the specials and works obviously for the police which i'm not sure helped but hey!( he didnt do it just for the sake of it btw!) we had 2 of his friends tell us they are moving in who are in the police up the rd from us and i was gutted but then we got the interview and actually were the first on the whole rd to move in! Again just how ours is done!

omen666 not sure on that? we had loans etc when we applied and i was so scared they would say no when we had our meeting for it, at the end of the day we knew we could afford it but they have 'criteria' to meet..luckily we were well in and now the loans have ended we are deff ok so depends on what their rules are really...if we applied now we would be turned down as we earn too much so just were lucky at the right time..like shellnaiper said mortgage is the most important bit i think!
I guess you can get a mortgage anywhere BUT you have to know the ins and outs and be happy paying for it..i expect these companys add on a premium as you are classed as high risk but not sure really..we had to go with a select few as SO property our IFA did all ours for us and we were happy with ours.

As i have said it must vary throughout the country it is not a standard SO scheme obviously seeing diff replys on here..this is why it suits some and not others..me personally i love our house would move it to the middle of a field but think it may look odd!( Townhouse) ideally as iv'e said before id'e have a huge converted barn with pool and acres of land for all my cats and rabbits id'e have .. we can dream can't we!!!

parisjordana

what an interesting thread and read!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

FoxtonsRIP

sallysqueak wrote: »

i have to say i dont get it, how can someone who can only afford council rent suddenly afford rent plus mortgage payments?

I think you've hit the nail on the head there. These schemes are well suspect.

Blacksheep1979

gabyjane wrote: »

We have SO and think it's great! if you want more info let me know..x

Why is it so great? You get all the conns of owning a house without all the pros - as people have mentioned if prices weren't so high you'd be able to afford the WHOLE house and falling into these stupid schemes means people like you are keeping the prices inflated and beyond the reach of ftb.

LittleMissAspie

I don't understand why people say they work out cheaper. If you get a 25 year mortgage, you'll own half (or whatever percentage) of the house after that long, meaning you need another 25 year mortgage to buy the rest. That takes most people past retirement age. So you need to get a shorter mortgage, say 12.5 years or so. You'll be saving interest due to the shorter term, but the rent will cancel that out.

gabyjane

FoxtonsRIP wrote: »

I think you've hit the nail on the head there. These schemes are well suspect.

But that was my point they are not all like these council ones..ours is nothing to do with it...

gabyjane

Blacksheep1979 wrote: »

Why is it so great? You get all the conns of owning a house without all the pros - as people have mentioned if prices weren't so high you'd be able to afford the WHOLE house and falling into these stupid schemes means people like you are keeping the prices inflated and beyond the reach of ftb.

Unfortunately houses where we live ALWAYS have been so high that i refuse to bankrupt myself so have gone for this..for ftb it is unfortunate but hey we would never own whether it is half or all better than lining a landlords pocket!

gabyjane

LittleMissAspie wrote: »

I don't understand why people say they work out cheaper. If you get a 25 year mortgage, you'll own half (or whatever percentage) of the house after that long, meaning you need another 25 year mortgage to buy the rest. That takes most people past retirement age. So you need to get a shorter mortgage, say 12.5 years or so. You'll be saving interest due to the shorter term, but the rent will cancel that out.

I was 29 when we bought this so quite young compared to some these days STILL trying to buy..i don't expect many people will have bought all of their house but good luck to them if they have..at the end of the day when we have paid the half of this off and we possibly still owe half rent then so be it, it is still very affordable and our home not laible to be thrown out by a landlord wanting to sell etc. We are hoping to increase a % each year so will end up paying it all off anyway..who knows i certainly won't let it keep me awake at night!

joel10873

this has been a very interesting read as i am currently applying for a shared ownership house.

where we live it is a first time buyer scheme so the council house stuff it not so relevent although obviously priority still goes to key workers and those with connections with the town

the scheme is designed for those who cant afford FOR WHATEVER REASON to buy a house outright. in our case we have a bad credit history and a low income so to buy a large house outright just isnt possible. Our scheme also offers a rent to buy where you can rent at a reduced price to help save towards a deposit too.

i see this scheme as a good thing and as someone else said i am not worried about house prices etc as when i get a house it will be a home and i will not be buying it to make a quick buck.

If it wasnt for this scheme i would have no chance of getting on the property ladder but from reading this i think maybe we are lucky and in a good area as some of the other schemes sound much more hard work!!!

Wickedkitten

joel10873 wrote: »

this has been a very interesting read as i am currently applying for a shared ownership house.

where we live it is a first time buyer scheme so the council house stuff it not so relevent although obviously priority still goes to key workers and those with connections with the town

the scheme is designed for those who cant afford FOR WHATEVER REASON to buy a house outright. in our case we have a bad credit history and a low income so to buy a large house outright just isnt possible. Our scheme also offers a rent to buy where you can rent at a reduced price to help save towards a deposit too.

i see this scheme as a good thing and as someone else said i am not worried about house prices etc as when i get a house it will be a home and i will not be buying it to make a quick buck.

If it wasnt for this scheme i would have no chance of getting on the property ladder but from reading this i think maybe we are lucky and in a good area as some of the other schemes sound much more hard work!!!

Have you managed to get your mortgage arrangeed yet considering your credit history?