Shared ownership help?

sarmia

I dont know if anyone can help.

My partner and I have decided to seperate and sell our family home. I should come out with £30,000.

Now I am unsure what do? I currently earn about £17-£18k with monthly childcare bills of £550 per month. I do not know if I will be able to afford a mortgage (though I would like to have one) and would prefer a 2 bedroom house with a garden. Current rent for a 2 bed is between 450-500 pound per month, I think a mortgage might just be slightly higher. I have heard of shared ownership could I possibly buy a house with my cash and then go in with the government or will this be more expensive.

Any help appreciated.

saf193

Hi sarmia,
I notice you haven't had any replies. I am in a similar situation and I have posted on the same subject without any joy.
I just wondered how you are getting on. Have you made any progress?
Best wishes
saf
x

Titus_frogsbutt

I'd suggest that you visit/contact your nearest Citizens Advice Beaureau. I'm in a shared ownership property and there's no way we could afford to buy the remaining share. Under the terms of the contract we are liable for ALL upkeep on the property - the housing association who "own" the other half do not need to do anything other than insure the building itself.
Shared ownership (I believe there is a new name for it) is not necessarily your best move , currently our mortgage is approx half the rental amount ( which has increase EVERY year without fail) and I'd be reluctant to guide you one way or the other. Pls speak to experts as it's a major move in your life. Good luck!

Tuscan

i have been wondering about this too, in a few years we will be wanting to move but due to a large CCJ we may not be able to get another mortgage until the CCJ is settled. one option we have is to sell our current house as have a lot of equity (approx 100k) pay off CCJ and then buy outright a large share in a shared ownership home then rent the rest for a years or two, then buy the rest or move on once our credit file has improved...

saf193

Tuscan, I too will have a lump sum (equity from my divorce settlement) and I wonder if this is the best way to use it and pay rent on the other part to the Housing Association. It's the only way I can see of getting a home for me and the kids. Once my marital house is sold, I will not qualify for housing benefit etc so I can see my lump sum being poured into the pockets of private landlords. I do not earn enough to get a sufficent mortgage to buy a property on the normal open market. Rock and hard place springs to mind!

sarmia

Thanks for the replies.

I enquired with my local council but they have ran out of funding this year but they might have more next spring.

So looks like its renting for me for the time being .