Getting on the ladder

[Deleted User]

Ok, I think I could do with some advice. I'd like to buy my own flat within the next year, in or around london. Ideally in north london.

I make 26K a year at the moment but expect that to rise to 30K in september. I currently have 11K saved towards a deposit but could expect family help up to the tune of an extra 20K. So, the way I look at it is a 30K deposit and posibility of a 120K mortgage. It'd be enough to get somewhere in most cities, but not here. I'd want a 2 bedroom flat at minimum.

So what do I do? There don't seem to be any properties in my price range! Does anyone know if shared ownerships are available for 'the general public' or just key workers? Are they a good route to go down?

Any ideas?? I'm 26 now, I don't want to be renting and sharing houses this time next year

lynzpower

Sorry mate, not so.

there are plenty of 2 bed flats in london, north london too for 150. However, you might need to do some work on them, but there is plenty around.

Shared ownership IMHO is poor value for money if you can avoid this route do. Also if the idea of a 2 bed flat is to get a lodger to share costs, most HA dont allow it. SO isnt just for key workers, Ive got one, and Im not a key worker. https://www.availablehomes.org.uk might be able to help

Lynz

mercurystar999

Whats wrong with shared ownership?

F_T_Buyer

ringo_24601 wrote:

Getting on the ladder

What ladder is that?

anticlaus105

mercurystar999 wrote:

Whats wrong with shared ownership?

It would probably be easier to say what was right with it. Lets see........er.......hmmm.......er.......hang on, give a few more hours to come up with something. I guess I stand corrected.

lynzpower

mercurystar999 wrote:

Whats wrong with shared ownership?

]

Really poor value for money

mercurystar999

I have a shared ownership house and have no problems? What is the bad things?

Tassotti

Not knowing much (anything) aout shared ownership, but what I have heard you get a mortgage for 60% of the property value,the councilown 60%.

You pay the mortgage and ALSO rent to the council.

When you come to sell, you are only entitles to 40% of the profit.

Seems like a loss, win arrangement to me.

I stand to be corrected

Jorgan_2

Some shared ownership schemes can offer poor value for money, especially those attached to new developments. By the time you have taken into account the share of purchase price, monthly rental & any other charges, you may be better off buying on your own. This isn't all schemes, just some.

Jorgan_2

Tassotti wrote:

Not knowing much (anything) aout shared ownership, but what I have heard you get a mortgage for 60% of the property value,the councilown 60%.

When you come to sell, you are only entitles to 40% of the profit.

Seems like a loss, win arrangement to me.

I stand to be corrected

Is that 120% shared ownership Tass? That would be poor value for money.

Tassotti

:rotfl:

Just re-read..Ha Ha..I'm such a fool sometimes