Shared ownership..

hollieannx

Hi Everyone,

Just got a few questions about the shared ownership scheme.

How does it work?

I am currently private renting at the moment with my boyfriend and am paying £1075pm rent which i know is alot.

We are looking to get our own home but due to other outgoings it would just take soooo long to save for a deposit for a mortgage.

We could probably get between 5-10k, do you need a deposit for shared ownership?

Thanks!

poppysarah

Do a SOA and learn to save.

Buying a house shouldn't be easy - you should have to make a few sacrifices to get a deposit together.

Shared ownership is imo a scam of the most henious order perpetrated on guillable fools so desperate to buy a house they'll believe the overinflated prices mean they'll only ever be able to buy half a house AND that there's nothing wrong with that.

PS: Ask your MP how many properties they have and then wonder why they keep trying to prop up house prices.

Ouch. Sorry if this is harsh but it's just how I feel.


The logical conclusion would be for future generations to only be able to afford to buy even smaller shares of properties...
Your great great great grandchildren could be buying 0.004% of a property.

sonastin

hollieannx wrote: »

Just got a few questions about the shared ownership scheme.

How does it work?

How long is the piece of string?


There isn't a shared ownership scheme, there's hundreds (well maybe a bit of an exageration) of different schemes. Each one has different rules and hoops to jump through and most importantly each one has different catches that can make it really difficult to sell if you want or need to move on.

If you don't want to save, rent. If you want to own, save. If you really want to go down the shared-ownership route, do some serious research into the terms and conditions of the particular scheme you are looking at and make sure you know exactly how you'll be tied into owning that property until the other party is willing to let you leave.