Shared ownership schemes

gillyd88

Me and a very good friend are thinking of buying a property using the first time buyer scheme though out local housing association. We are hoping to buy 25% of a house for 35k.

What do people think of the shared ownership schemes? Has anyone lived with friends doing the same and what has been the benefits/negatives of doing do.

Im also intrested in knowing if people have had problems when it comes to selling the house, especially if one of us wants to leave when the other doesnt. Has anyone had many problems finding a buyer for their home.

Finally can anyone give us any mortgage advice and if we will have any problems getting one due to not owning the whole house, we have the 10% deposit between us.

Thanks in advance

themull1

I wouldnt buy with a friend and i wouldnt buy shared ownership, so i'm sure someone will help you soon.!! what would you do if your friend wanted to sell?

CloudCuckooLand

duplicate https://forums.moneysavingexpert.com/discussion/comment/40448842#Comment_40448842

icarus29

Don't buy shared ownership and i wouldn't buy with a friend. I panic bought in 2007 and have regretted it ever since. You have to think when you buy with a friend that this a very temporary arrangement and you don't know where your life is going to go. If you job situations change? If you meet someone and want to move on with your life? You have to be business like about things and that doesn't always bode well with good friendships.

And as it is a temporary arrangement you will not make your money back from just a few years of living there because of the small % you are 'buying'.

Just my opinion...i've been through it and am still having problems with the whole arrangement. My advice....save until you can fully afford to buy somewhere and then it is yours.