My Shared Ownership story (success story...)

Wickedkitten

The average is just that, an average. You might not have been able to buy as nice a house as you have now, but saying that almost all first time buyers can't afford to buy a house outright is just rubbish.

gabyjane

Wickedkitten wrote: »

The average is just that, an average. You might not have been able to buy as nice a house as you have now, but saying that almost all first time buyers can't afford to buy a house outright is just rubbish.

Most of the country are struggling to get jobs or are unemployed so im not sure how they would get a full mortgage these days? as like us we would struggle and have pretty good jobs at the mo.

sturgeon

You've bought at one of the best prices 'on the development' - erm isn't this development shared ownership (or so you seem to imply)? What's the price of a comparable one bed flat elsewhere - I bet it's less...

No, out of the 80 or so flats on the development, I think about 10% were under S/O. Most new developments these days have to offer a certain % to buyers on such first time buyer schemes. So as explained, my price didn't take into account whether it was S/O or not, it was totally irrelevant and that is also why i've managed to get a better deal than most others. As they treat me as they do every other buyer.

And again as explained, no there are zero other comparable one bed flats in greater London for even a similar price. I got a very good deal.

N1AK

gabyjane wrote: »

Most of the country are struggling to get jobs or are unemployed...

If you want your point to be taken remotely seriously then toning down the hyperbole to plain wrong instead of ludicrous would be a good first step.

Secondly unemployed & 'struggling to get jobs' are same thing, unless you think the majority of the country is finding it hard to find 2nd/3rd employers.


Unemployment is an issue, but the vast majority of people still have jobs and if the group of people you know do not then they are the exception and not the norm.

N1AK

sturgeon wrote: »

And again as explained, no there are zero other comparable one bed flats in greater London for even a similar price. I got a very good deal.

So you're saying there was a block of 80 flats built, the majority of which were sold just like any other flat (not S/O) and the developers decided to let them go for sizably below the market rate? I can understand why people are more than a little sceptical about that premise.

Personally, I don't know if you got a good deal or not. If someone allowed me to buy a property for sizably below the market price, pay for half now, get an interest free loan for a period on the other half, then a low interest loan on the other half until I paid it off, and they had no dubious terms and conditions attached then I'd think I'd gotten a good deal.

If the above is what you got, great! However; it goes entirely against the normal picture of S/O property which consistently involves ripping off those with limited finances.

gabyjane

N1AK wrote: »

If you want your point to be taken remotely seriously then toning down the hyperbole to plain wrong instead of ludicrous would be a good first step.

Secondly unemployed & 'struggling to get jobs' are same thing, unless you think the majority of the country is finding it hard to find 2nd/3rd employers.


Unemployment is an issue, but the vast majority of people still have jobs and if the group of people you know do not then they are the exception and not the norm.

Hmm obviously you dont watch the news then!!

Struggling to get jobs can be applied to my friend who has tried for months to get something and now (due to having to) has a job she hates, that just about covers her outgoings and won't last long the way she feels about it..hardly long term or something thats going to make the banks think she is considerable for a mortgage really though is it job or not?

Unemployment in most of the country IS an issue and just becasue things may have picked up doesnt mean you can just suddenly go and buy a house due to recently getting a job?

As for me knowing people out of work..don't we all..are they all the exception then? Like i said bitterness..jealousy..i don't know quite what it is that rallies people up so much over S/O threads but IF you are one with a house..or 5 it really is of no worry why we have bought the type of house we have.
Thanks for the reply though!!

gabyjane

N1AK wrote: »

So you're saying there was a block of 80 flats built, the majority of which were sold just like any other flat (not S/O) and the developers decided to let them go for sizably below the market rate?

This is exactly what has happened where we live. New development of houses..one side S/O the other fully bought..

Our S/O was £153k the bought ones were around the off the top of my head £165k ..ours is bigger than the bought ones don't ask me why but maybe we were lucky..maybe the valuers had been drinking that day and marked them down wrong..who cares! We have kept our eye on one that has just sold up the rd (£179,950) ..exactly the same (smaller spec).. way more than we bought ours for that's for sure.

Wickedkitten

gabyjane wrote: »

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Most of the country are struggling to get jobs or are unemployed so im not sure how they would get a full mortgage these days? as like us we would struggle and have pretty good jobs at the mo.

Since when were people that are unemployed able to get mortgages? I don't think 8% actually comes to close to qualifying as most of the country either.


Not seeing what that has to do with first time buyers at all really.


Oh, and if the only reason that you can think of for why people would be warning people off these schemes, especially ones where you have to max out the amount that you borrow during a recession is "jealousy and bitterness", then that says it all really.

gabyjane

Wickedkitten wrote: »

Since when were people that are unemployed able to get mortgages? I don't think 8% actually comes to close to qualifying as most of the country either.


Not seeing what that has to do with first time buyers at all really.


Oh, and if the only reason that you can think of for why people would be warning people off these schemes, especially ones where you have to max out the amount that you borrow during a recession is "jealousy and bitterness", then that says it all really.

It was implied by another poster that unemployment is not an issue..it was also said that first time buyers would find it easy to get a full mortgage..we were first time buyers like most of the country and couldn't..as can't many others..why you think it is easy is beyond me!..obviously being unemployed also is a fact that yo cant buy a house.

Maxing ourselves out was the one reason we did buy S/O so we didnt end up in a mess..i just wonder why people have such downers on these houses unless they have bought one themselves and it's all gone worng?

mariagrafs

If it is a success story then i surely congratulate you on this.