shared ownership

linzeloo

Avit - which housing association did you go with? Im also in South West and would appreciate any info you could give as thinking about going down the SO route.

Chubby_Checker

Well 18 months ago I was renting a "Studio" (converted garage) in a strangers back garden for £650 a month (in Neasden, North London). I had a chunk of money (approx £63000) to put towards getting a 1 bed flat, but they were going for a minimum of £145000 on open market, I got info on S.O. and got a 50% share in a (small) 1 bed flat for £70000, with rent to pay of only £130/month and service charge of £70. I am currently nearing the end of paying the £70,000 off, so will have only to pay approx £215 a month (and council tax and bills, gas, leccy etc)...So I realise I am better off than some BUT every now and then (hence why I am on this forum...) I get the feeling it aint such a good deal, and often wish I had paid out for a studio (needing a mortgage of approx £50000) or gone for the full one bed (mortgage of approx £85000)...I was very desperate at the time and S.O. seemed to save my life at the time, but there is always that feeling that I will never really own the place....THEN I think about how I could svae so much money every month BECAUSE I Dont have a mortgage and I could save a lump sum towards getting a better place.....to be honest it does my head in...I Feel so sorry for normal earning kids starting out today.