do they do shared ownership for non-key workers?

alstemp

Hi there

does anyone know if there's a property product for non-key workers or people not on low incomes?

I don't qualify for most shared ownership as I earn too much - most of them specify below £50K incomes.

It's just that right now am thinking about buying, I could afford mortgage payments but don't have the deposit saved. so would be great if there's a "private" schared ownership scheme for slightly higher earners . ?

be grateful for info if anyone's heard of anything . . .

thanks all

princessamy86

I don't really think there are any-although I might be wrong. Shared ownership is there for people on lower incomes to help them onto the ladder. It's worth noting you still need some form of deposit! How long is it realistically going to take you to save 10% deposit? I don't know where you live, but 10% on a decent 3 bed wher I am is about £12,000. Is it not better to just save up and go for it when you're ready?

alstemp

hey there - thanks for quick response. Well location is proving a bit of a problem!! I live in central London - where I am 10% deposit on a one bed flat is nearly 40K . .

Also I'm mid thirties and don't want to be buying my first place when I'm 40!!

Still if that's what it has to be then I guess I have to be patient and save hard. But am being selfish and don't want to impact on my lifestyle either!!!

I think I need to think about things a lot more and prioritise.

princessamy86

You're right, if you want to buy you will have to prioritise and get that deposit saved! Although....why is it so important that you buy? If you really enjoy your lifestyle, is it so bad that you are renting? The only other thing I can think of is some builders will offer incentives on new builds similar to shared ownership. However, I don't think these deals are any good as a general rule and I wouldn't recommend it unless you're absolutely desperate to buy-and even then, think twice about it.

Another option-have a google and see if the council are running any schemes in your area to give assistance with house deposits. We have the step up grant up here, giving buyers £10,000 deposit. There's only so many to go around though! Or you could have a look at rent to buy schemes-careful with these and do a lot of research.

alstemp

thanks so much for all your help and useful info. I have a lot of research to do and some serious thinking.

if anyone else has any feedback, please let me know.

Thanks again

princessamy86

You're welcome

carefullycautious

Builders do seem to be falling over themselves to give help with deposits where you have 10 years to pay it back. These are on newbuilds though which you may not want.

Just source local newbuild properties in you given areas.

Running_Horse

As I never get tired of saying, everyone who works is a key worker, from cleaner to managing director.

If I earned over £50,000 then saving a deposit would be the least of my problems. If saving up is a problem, then will you manage a mortgage and part rent?

We got accepted for locals only part ownership on the basis of my wife's parents living in the next town, but luckily decided not to go ahead, as the area was rough, and the properties have really suffered neglect and reduction in value. Most big new developments will have an affordable element, but buying a smaller house in an established area was one of the best decisions of our lives.

Have you considered commuting to get a house and garden in the home counties, rather than a couple of tiny rooms in an inner city slum?

laughingcow81

Have you considered perhaps not living in central London, and moving out a bit? Prices vary all over London and in the long run it might be better for you to buy a place further out?

mell242

Hi,
My partner and I had our first property, shared ownership, through Tower Homes in London. We were not Key workers and did not even live in the borough that the property was in.
My sister and her partner are currently buying a SO property (a flat in Westminster) they live in the borough but are not key workers!

In both our cases the maximum household income was 60K

good luck!

alstemp

Thanks everyone for your feedback