Ztan's Shared Equity Story- MFW from the word GO

LilacPixie

Yep Ztan - 10th December!!!! so a fraction over 7 weeks. thanks fr the info I couldn't remember if halifax was 10% or £500 a month like nationwide. There is no way we can afford to overpay 10% in first or second year but hey i'll give it a whirl.

How is your new place? settling in ok?

ztan

It's great thanks Lilac! We're sooo happy, and so pleased with our purchase. We're still having problems getting the render finished etc... but otherwise it's great! The cat loves it too, which is a bonus... lol!

7 weeks! So hopefully in by Christmas, and all settled ready for Pixie no.3! Exciting times!

ztan

Sorry guys... random outburst so feel free to ignore... I'm just fed up of the difference between this board and the Mortgages and Endowments board.

When I first started looking for a mortgage, I looked on M&E for advice and hints on what I was doing. I was a scared newbie to the mortgage world.

The result, I was terrified out of my skin that I was being tricked into doing something terrible which I would regret the rest of my life.

This board however, restored my faith in humankind. Everyone here is supportive, kind and accepting of each persons own decisions with regards to the biggest debt of their lives.

M&E is full of doomsdayers and fear mongerer's trying to convince all mortgagees and FTB that the only way they will ever deserve a house is by working really hard to save up £50,000 for the rest of forever and then they might be worthy.

It makes me sad to think of all those out there who cannot see past the ends of their noses.

Shared Equity always starts a fight, and I'm happy to fight it. If it was so bad, these scheme wouldn't exist. If it was so bad, Home Buy Direct would never have existed. I know it's not ideal- having a second loan to pay with the mortgage, but it's no different than having £150,000 of debt in one go. This way, someone is supporting me in getting on the first rung, and offering me a helping hand the rest of the way as well.

So I would like to proclaim my love for MFW's... and ask that you all help spread the positivity we all have. So what I have a huge debt?! I have a house, and I'm working hard, and I'm supporting others in doing so.

Rant over...

tootallulah

Oh take no notice honestly some people are just EyOres.

I did what you are doing, bought my first flat at 25 years old on a 50% shared ownership deal with 100% mortgage and earning very little. It was a struggle at first but ten years later I bought the other half and then hammered down the mortgage to be mortgage free. A year later I bought a house in the country and kept my flat in London it is my extra pension.

I now have a big mortgage but I know I will get it paid off too.
If you are sensible with money and can pay your way shared equity/mortgage is a good way for people to get on the property ladder. WELL DONE YOU.

LilacPixie

Ztan - I try avoid the M&E board. i have asked advice a few times and found a mix of very very helpful people and some just a bit bitter. Usually those with the why buy now, prices falling etc etc etc.

Come on I have just offered on a house with a 10% deposit, mortgage 2.1 x joint income and still people scoff although TBH reading that board terrifes me and i keep thinking they will not grant mortgage

ztan

Glad to know I'm not the only one that feels that way!

I often have my doubts, but only fed by the doomsdayers of this world.

My Dad rang me to tell me about a programme on ITV last night (which I missed but will try and catch online) which was talking about mortgages. The effective predictions now are that if a 21 year old started saving for a deposit on a house, they would have only just saved enough by the time they were 42!

My Dad thought I'd want to watch it to see how lucky I've been to get on the ladder now, as things get increasingly difficult. Amen to that is all I can say.

I just think there are far too many people out there who think you only deserve something like a mortgage by working really hard, because it's what they did. I see an element of jealously when people realise that at 21, and 25 my partner and I have managed to get our first footing, and have a real chance of one day having something really worthwhile.

Sigh

SmlSave

The effective predictions now are that if a 21 year old started saving for a deposit on a house, they would have only just saved enough by the time they were 42!

I wonder where these programmes get their figures from! *shakes head* I suppose only news is bad news

I just think there are far too many people out there who think you only deserve something like a mortgage by working really hard, because it's what they did. I see an element of jealously when people realise that at 21, and 25 my partner and I have managed to get our first footing, and have a real chance of one day having something really worthwhile.

I thought that the really hard work started after you got the mortgage/house!

ztan

Exactly SML... we're now having to work really hard. We're not getting something for nothing... mortgages are hard work and I don't see why people can't just be happy for those of us who are sensible and make it onto the ladder.

Never mind.

My OH is off to meet with the developers again today, to see what they're plans are with the render now. So far, we've heard nothing in over a week... but I imagine that's because the site manager is off on holiday again.

Tomorrow I start my letter to them, with my little list of we would likes-
Although I'm not going to be too cheeky, as we've been in our house for 4 weeks, and they're still paying our utilities. They haven't done our readings yet, because they're still using the electric etc and because technically the house isn't finished. Little bargain there me thinks. I've been having a lot of baths whilst someone else is footing the bill!

SmlSave

I've been having a lot of baths whilst someone else is footing the bill!

Don't forget to charge everything you possibly can then! mobile phone, laptop, rechargable batters etc

ztan

We are! My OH's been in to see them today and they've just said they don't know what's going on right now... when the site manager is back they'll sort it out.

I'll be adding that to my list..

Oh and I forgot to mention, that I made my first jewellery sale the other day! I started making jewellery as gifts for people earlier this year, and it's since turned into a bit of an obsession. I haven't made too many pieces that weren't gifts.. but I'm finally selling. Hoping it will make up some extra pennies for my savings