I need a £5000 deposit for shared ownership but already have a loan. Can I have 2?

Mallotum_X

busy_mummy wrote: »

Regardless. shared equity is a mugs game, avoid.

Its shared Ownership not shared equity...they're 2 different things

Have you done your homework? Whatever its called its a mugs game.

sparkzs

Some companies are offering loans for people who dont have a deposit saved up. This loan is then spread over 25 years or how ever long you take your mortgage out for

geoffky

I really hope you do not get this place because shared ownership is a con for selling overpriced houses to gullible people.....

http://www.insidehousing.co.uk/ihstory.aspx?storycode=6501770


Shared ownership is failing to act as a stepping stone to full home ownership, leaving many people in worse positions than if they lived in other types of housing, researchers have found.

A Joseph Rowntree Foundation investigation shows that only a very small proportion of residents are actually able to move into full
ownership.

While some shared owners are able to move on due to improvements in their finances, many are unable to afford the greater cost of a full ownership mortgage, the study found.

Shared owners’ typical starting investment has declined from 50 per cent to 40 per cent, with 25 per cent shares now more common.

And evidence suggests that just 3 to 5 per cent of shared owners are able to move on to another property.

serverking

busy_mummy wrote: »

Could someone please give me and my partner some advice?
We have a household income of £37000 and are unable to get on the property ladder without saving forever.. Opposite my council house they are currently building shared ownerships homes. It costs £155,000 for the house but we can buy 50% of it, to cut a long story short, we need to raise £5000 for a deposit (including fees) but 3 months ago we took out an £8000 loan to pay off debts and get a car. My q is:
Can we apply for another loan of £5000 (we could easily afford the monthly payments on everything), or do we ask are current loan company santander to top up our current loan? CAn u even get a loan for a deposit or is it not allowed?? Please help, we're in a 2 bed with a boy & girl, a good income but cant get on the property ladder, this shared ownership scheme would be ideal

All that glitters is not gold...:( These Shared Ownership houses are shoddily built. My wife and I went to look at one and I'm sure the walls were just plasterboard. They use the cheapest materials (usually buy kitchen units in bulk from a wholesaler, low quality), but you'll find the show-home looks really well put together.

Stay where you are and pay off your £8K loan. You'll find the 'investors' who had the capital to buy the properties end up sub-letting the property as they had no intention of living in it. Then as the years go by, you'll see an infestation of chavs move in. I saw a really nice complex near me go that way in two years. At least where you live @ present, the council will cover any repairs. With Shared Ownership, the house is never yours either.

Later down the line, You don't want to be on ITV1's Homes from Hell series, do you?

serverking

busy_mummy wrote: »

I dont understand where everyone is going with this and acting like we cant afford it? ...our only outgoing debt is an £8000 loan we took out 3 months ago (£2000 paid off a credit card and £6000 brought us a new car) £160 a month for 5 yrs!

What new car is it at that price? A G-Whizz?:rotfl:or 'new' to you:p
Just playin', enjoy your car - didn't see the rate for ur loan, sori...:T:T:T