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Some advice please...
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redstararnie76
Posts: 2,205 Forumite
Apologies in advance, but I may well be asking some stupid, obvious questions here born out of naivety.
<Bit of boring, possibly irrelevent, background information here>
My husband and I are in our mid thirties, with two young children (one school-age, one baby). We currently own 25% of a shared ownership property and have done for 4 and a half years. We now earn quite a lot more than we did then, when the shared ownership was our only option other than renting. Our family has also expanded, and we are currently being driven mad by all the problems of incredibly thin walls and living on an estate.
Because we are now on more money, we've been saving hard - paying off existing loan and credit card debt and now pulling together money for a deposit so we can move. We did initially get our house valued last year and found that (not surprisingly) it had dropped about £12,000 from the original £150,000 value since we had bought it (a quarter of that is our share).
<Some facts and figures>
The sort of house we would like to buy, we can find on RM for between about £160,000 and £180,000.
So far we have been saving around £1,000 per month and after paying off our debts, we have around £10,000. Not enough for a deposit yet. Because we are really keen to move, and we anticipate that it will take the housing association some time to process the sale, we are considering putting the house up for sale in the next month or so, and moving into rented accommodation once we have sold so that we can continue saving, and when we come to buy, we can move straight away.
<Dilemma>
We have some doubts about this course of action, and have wondered if we might do better waiting until we have the £20,000 or so before selling. My Dad (who is normally very cautious) has said that he strongly believes that we should sell now and has said that, although they can't give us the £10,000 shortfall, 'there are ways they can help us'. One thing that has been mentioned is that Lloyds may let them 'assure' (I think!) part of the deposit with their savings.
<Phew, if you got through all that>
<The questions>
Does anyone know anything about this Lloyds' scheme and can they let me know anything else about it? The last thing we want is to risk losing my parents savings if something happens to one (or worse, both) of our jobs etc.
Does this whole plan sound doomed?
Many thanks for sticking with me through this mammoth post and I'm grateful in advance for any opinions.
<Bit of boring, possibly irrelevent, background information here>
My husband and I are in our mid thirties, with two young children (one school-age, one baby). We currently own 25% of a shared ownership property and have done for 4 and a half years. We now earn quite a lot more than we did then, when the shared ownership was our only option other than renting. Our family has also expanded, and we are currently being driven mad by all the problems of incredibly thin walls and living on an estate.
Because we are now on more money, we've been saving hard - paying off existing loan and credit card debt and now pulling together money for a deposit so we can move. We did initially get our house valued last year and found that (not surprisingly) it had dropped about £12,000 from the original £150,000 value since we had bought it (a quarter of that is our share).
<Some facts and figures>
The sort of house we would like to buy, we can find on RM for between about £160,000 and £180,000.
So far we have been saving around £1,000 per month and after paying off our debts, we have around £10,000. Not enough for a deposit yet. Because we are really keen to move, and we anticipate that it will take the housing association some time to process the sale, we are considering putting the house up for sale in the next month or so, and moving into rented accommodation once we have sold so that we can continue saving, and when we come to buy, we can move straight away.
<Dilemma>
We have some doubts about this course of action, and have wondered if we might do better waiting until we have the £20,000 or so before selling. My Dad (who is normally very cautious) has said that he strongly believes that we should sell now and has said that, although they can't give us the £10,000 shortfall, 'there are ways they can help us'. One thing that has been mentioned is that Lloyds may let them 'assure' (I think!) part of the deposit with their savings.
<Phew, if you got through all that>
<The questions>
Does anyone know anything about this Lloyds' scheme and can they let me know anything else about it? The last thing we want is to risk losing my parents savings if something happens to one (or worse, both) of our jobs etc.
Does this whole plan sound doomed?
Many thanks for sticking with me through this mammoth post and I'm grateful in advance for any opinions.
Working hard in the hopes of being 'lucky' 0
Comments
-
Its a simple scheme, I believe its in the branch only though so I dont have access to it theerefore shouldnt be commenting on it, which is why I will only say:
You should go into a branch and ask for details of the scheme.
Sorry I cant be more helpful.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks Betmunch.
Sorry, I should have said - I'm not being entirely lazy asking here - my car has died and I'm currently on maternity leave, so at the moment, I have no way of getting to my nearest Lloyds (at least until I can wrest my husband's car away from him
). I am intending to go in and speak to them about it as soon as I can, unfortunately at the moment I am thinking about it rather too much 
Working hard in the hopes of being 'lucky' 0 -
More information can be found here:
http://www.lloydstsb.com/mortgages/first_time_buyers.asp?WT.ac=MFTBFOM11090
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