We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Should I go ahead for Shared Ownership?
xixiyaya
Posts: 4 Newbie
Hi, I know so many of you have already been on the SO scheme for years.
I was very confused and unsure the scheme and tried to apply for to Homebuy Direct, however I did not quick enough to secure one.
Am have paid down 200 deposit on a 2 bed house in Kent (Stone Crossing) last Saturday, and still waiting for the result.
The house now is valued at 165,000 minimum share is 40%, I dont earn high but thought a 2bed is more practical than a 1 bed and as I could not afford any in London so I chose Kent.
As buying a property is such a stressful thing to do, and I am on my own to take this stress, please could anyone kindly advise if it is worth to do? rather than rent a room for say about 500 a month?
Did anyone got problem when it comes to staircasing and selling?
Please please kindly leave your comments as all I found on BBC website are all negative...
Also, I have got some deals from a broker called MortgageForce, they said I can get from nationwide for:
1. 2.88% fixed tracker for 3 years
2. 3.89% fixed 2 years
3. 4.14% fixed 3 years
4. 4.69% fixed 5 years
Any one has any idea of that? surely we cant predict the interest rate in the future, but should I go for the 2 years fixed or longer term?
Many thanks!
I was very confused and unsure the scheme and tried to apply for to Homebuy Direct, however I did not quick enough to secure one.
Am have paid down 200 deposit on a 2 bed house in Kent (Stone Crossing) last Saturday, and still waiting for the result.
The house now is valued at 165,000 minimum share is 40%, I dont earn high but thought a 2bed is more practical than a 1 bed and as I could not afford any in London so I chose Kent.
As buying a property is such a stressful thing to do, and I am on my own to take this stress, please could anyone kindly advise if it is worth to do? rather than rent a room for say about 500 a month?
Did anyone got problem when it comes to staircasing and selling?
Please please kindly leave your comments as all I found on BBC website are all negative...
Also, I have got some deals from a broker called MortgageForce, they said I can get from nationwide for:
1. 2.88% fixed tracker for 3 years
2. 3.89% fixed 2 years
3. 4.14% fixed 3 years
4. 4.69% fixed 5 years
Any one has any idea of that? surely we cant predict the interest rate in the future, but should I go for the 2 years fixed or longer term?
Many thanks!
0
Comments
-
Don't buy if it's so stressful.
What deposit you got?0 -
Hi PoppySarah
Yes it is stressful as only as I could not afford so I decided to go for this scheme, even if I can save 7000 a year, I may need to save over 5 years to get a 1 bed flat outright in London. Sum up the mortgage and rent and bills I may have to pay around 750/per month, leaves me few hundred pounds and nearly 2000 pounds annual train ticket to work in London.
It was the last house I could reserved and I did not actually walk in as it got water damage from 1st floor toilet (already, ah!) and needs to be repaired and painted.
I how have 20K from family as deposit leaves me very little money to pay for legal fee etc, may have to stay on the floor without a bed, haha...0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.8K Banking & Borrowing
- 253.8K Reduce Debt & Boost Income
- 454.7K Spending & Discounts
- 245.9K Work, Benefits & Business
- 601.9K Mortgages, Homes & Bills
- 177.7K Life & Family
- 259.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards