Shared ownership - Good deal or not ?

Prince-_2

Me and my girlfriend are thinking about getting a house through shared ownership. Has anyone had any experience of buying a house in this way I would be glad if you could share your views etc.

I have got all the information and the idea looks good but I want to hear how it is in practice.

Cheers

Running_Horse

Here we go again.

You're really going to have to provide more information.

mikthe20

Best do a search for "shared ownership" as it's often asked. It's rarely, if ever, a good idea.

brit1234

Prince- wrote: »

Me and my girlfriend are thinking about getting a house through shared ownership.

Prince-_2

brit1234 wrote: »

Any reason or info you can advice me not to go for this .....

Running_Horse

Are you really going to make everyone repeat their entrenched views when there is another identical discussion running?

https://forums.moneysavingexpert.com/discussion/3107658

Have a good read. Then if you want your very own discussion, give some precise details about what you are planning.

Failing that, there is a really good search function.

knightstyle

Large print doesn't mean the comment is correct! It all depends on your circumstances. It certainly works for some.
My DD had a housing association shared ownership for several years, she owned 75% and paid rent on 25% only problem was that she could never own 100%. When she moved for work she had no problem selling her share and in spite of the downturn got her money back. She is now in a property with a percentage retained by the builder which she can purchase anytime up to 10 years from the moving in date, no interest! So that is a good deal and didn't stop her getting the house for a good price, in fact the same house is now selling for more without the incentive. There is no way they could have afforded a house like it without the builders incentive.

jessegee

I had a really good experience of it with Thames Valley housing between 2000 and 2003
I bought a flat in Addlestone surrey for 60k and sold it for 120, my mortgage was 30 and they put up 30, we came out with 30 profit each
As a company they were slow to get things done but these things do take a long time, staff were polite and lovely to deal with, they didnt hassle me, and never made me feel like i was "renting" or there only because of their good charity

I dont know how it is nowadays, but I would consider it again if its still running the same

good luck

georgia

poppysarah

knightstyle wrote: »

he can purchase anytime up to 10 years from the moving in date, no interest! So that is a good deal and didn't stop her getting the house for a good price, in fact the same house is now selling for more without the incentive. There is no way they could have afforded a house like it without the builders incentive.

Will you report back here when it's time for her to repay the builder about how she manages to do it.

(Genuinely interested as I see this as a real issue that will rear a very ugly head when these silly loans need to be repaid)

kayla3600

poppysarah wrote: »

Will you report back here when it's time for her to repay the builder about how she manages to do it.

(Genuinely interested as I see this as a real issue that will rear a very ugly head when these silly loans need to be repaid)

i have one of these "silly" loans, and there isnt an issue in paying. We were written to last week, the builder offering us their share at 10k less then the 2009 purchase price. Not even wanting 25% of the current value, (14k more then 2009 according to nationwide.)
As for paying them, a quick call to nationwide regarding additional borrowing. All sorted.
Not much of an issue?
As long as you go into these schemes with your eyes open there's not a lot to suprise you

doire_2

THE_GHOULS_BEDSIT wrote: »

Shared ownership is superb, it gives you the chance to get onto the property ladder before it's too late.

Please don't listen to the losers in their stinky bedsits (Hi Brit). They'll never own anything.

Prince, i think the day you start taking advice from the above clown is the day you have had it