Shared Ownership

redkev76

Hi

Looking for some help if possible please. I have a wife and 2 small children and I work full time and my wife works 15 hours per week. Got no savings and on a DMP but the money we bring in is ok. We are currently renting but my wife is keen to get a place of our own so the kids can be a bit more secure. I know there are shared ownership schemes but it seems that these still require fees etc to arrange and all seems to cost a lot of money upfront.

I'm probably asking the impossible I know but could anyone offer any advice please?

Thanks

Fire_Fox

Unfortunately you will not be able to raise a mortgage whilst you have debts, a poor credit history and no deposit or money for legal fees. You would also need a 'rainy day' fund to pay for ongoing repairs or improvements to your property or the mortgage in the event that you are no longer able to work. Home ownership is not secure, many people are currently trapped in negative equity or getting repossessed - circumstances change, no doubt that is why you are on a DMP! The most secure is to rent from the council or a housing association rather than privately.

robin_banks

Avoid shared ownership kev. It's a really bad scheme.

But as you've no savings and are on a DMP you've naff all chance of getting a mortgage anyway.

Sort your debts, get saving and see where you are in 3-5 years.

Where abouts are you looking ?

redkev76

Thanks folks, that was pretty much what I thought anyway. I've never had any desire to have a mortgage to be honest because i've always liked the idea that if I rent and the boiler goes etc, it's someone else who has to pay and not me!

We live near Croydon and I haven't seen much shared ownership round here anyway.

I am interested that you say it is a bad scheme as I have always had the impression it was a good was to 'get on the ladder' as it were. Why would you advise against it?

Thanks

Kevin