Shared ownership - will we have enough to live on?

zzzLazyDaisy

Sosa wrote: »

I have decided to go for it, thank you for all your advice, you guys have given me a few more things to consider. I just think that this could be a really good opportunity for us and if we don't do it I think we will regret it.

OP you haven't said anything about your OH's views about all this, apart from in the beginning when you made it clear that he was against your plans.

I do hope for all your sakes, that he has come round to the idea and you are not just trying to bulldoze him into it, otherwise you may all come to regret it.

Sosa

He wants to do this, we can't afford to buy anywhere outright and we don't want to waste £1000's each year by renting privately, but he wants to wait a year...I know that nothing will be different in a year, unless we win the lottery :j, so whats the point in waiting? I'm miserable where we are and he says he can't put up with that for another year, so looks like its our best option at the moment.

Rupert_Bear

Sosa wrote: »

He wants to do this, we can't afford to buy anywhere outright and we don't want to waste £1000's each year by renting privately, but he wants to wait a year...I know that nothing will be different in a year, unless we win the lottery :j, so whats the point in waiting? I'm miserable where we are and he says he can't put up with that for another year, so looks like its our best option at the moment.

At least youi will have an asset to sale. With rent you are just paying someone elses mortgage.

anotherginger

Rupert_Bear wrote: »

At least youi will have an asset to sale. With rent you are just paying someone elses mortgage.

not necessarily. has negative equity passed you by?

with paying rent, you are paying for somewhere to live without the hassles of property maintenance and you have the freedom to move more easily.

woody01

Rupert_Bear wrote: »

At least youi will have an asset to sale. With rent you are just paying someone elses mortgage.

A blindingly incorrect blanket statement

gabyjane

Sosa congrats on your decision..as i said it is a huge leap and scary but great fun..nervewracking, exciting all at the same time! tbh once we had moved in an sorted bills etc it is the same as renting i guess but it's ours! we are totally settled now and i love it here. We have no maintanance cats as we have a new house..the only thing we have had to pay for is our boiler check which should be done anyway but of course is renting you wouldn't pay..and our garage door which i broke! again cheap though so nothing major! sure you said it was a new property but if not get everything checked as best you can x

Judith_W

I would suggest you go onto the Debt Free Wannabe board and explain your situation and fill out a full Statement of Affairs (there is a link as a sticky I think). They are used to critiquing (sp?) budgets all the time. I'm concerned theres a lot you haven't budgeted for eg TV licence, if you have a car then petrol going up, etc etc but they would be able to suggest where to make cuts elsewhere. This is what these guys are really good at.

woody01

Under this government, you can expect interest rates to soar before the year is out.
Can you afford to buy of your interest rates got 10%+ ?

Sosa

Yeah it is a pretty nerve-wracking decision! But definitely exciting.

Ok, I forgot £12 a month for my TV license! Luckily we don't have a car to run, we've go nothing on credit cards, no loans etc.

And yes, interest rates will go up, they weren't going to stay this low forever, however the BOE indicated yesterday that they weren't going to sky high as you predict anytime soon.

evenasus

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