Past bad credit rating and buying through shared ownership!

ashleypride

scatz wrote: »

I'm bored. I've wasted most of my day here trying to justify what I shouldn't have to and been subjected to a barrage of 'save, save, save', 'if you haven't then you shouldn't', 'your a financially illiterate person'. I'm sure you all speak from personal positions but please can I have a show of hands from those that are in my situation......because those are the people my OP was intended for and I quote "I suppose we am after some advice from people that may have been in a similar financial situation and that have either been successful or not in the shared ownership route. We see no other way in which we will ever be able to get a foot on the home owners ladder otherwise."
Nowhere did I ask for advice on buying a house outright with a lack of deposit. The question, as far as I can tell, is quite clear.

How rude, lose the attituide and perhaps people may feel like helping.

scatz

Errata wrote: »

But you state those 'savings' are mostly used for your cars, with perhaps £20 a week left over. That's quite a gap.

You are going on about my savings! My savings have no bearing on my question. Thank you for your input

BitterAndTwisted

Have you had a trawl through the posts on this forum relating to shared ownership yet? Instead of carping about wasting your time you might spend some of it profitably reading about other people who have bought through this route and found it most unsatisfactory. Note: it's not the buying that's unsatisfactory, it's when you come to the selling part when the flaws for the purchaser are revealed in their horrible reality.

From memory there was one person who claimed shared ownership was the answer to every maiden's prayer but as I recall they hadn't attempted to sell yet.

scatz

ashleypride wrote: »

How rude, lose the attituide and perhaps people may feel like helping.

I had no attitude to start with. I am frustrated that no one has answered my question, they have all gone on about saving. I have lost count of the amount of times I have said that saving is not going to help me get a mortgage because of our unique geographical location!

I am financially viable, I can amass a deposit but it will not help me get a mortgage so there is no point, hence me asking about SO!

Please direct me to a post that has answered my question in this thread because I'm obviously missing it! It is quite evident that most have a higher than thou approach which is neither constructive nor helpful to my situation.

I frequent many forums and have no such problems on those so cannot see why I am having such an issue here?

I merely ask for someone to offer advice to my situation, nothing more, nothing less

scatz

BitterAndTwisted wrote: »

Have you had a trawl through the posts on this forum relating to shared ownership yet? Instead of carping about wasting your time you might spend some of it profitably reading about other people who have bought through this route and found it most unsatisfactory. Note: it's not the buying that's unsatisfactory, it's when you come to the selling part when the flaws for the purchaser are revealed in their horrible reality.

From memory there was one person who claimed shared ownership was the answer to every maiden's prayer but as I recall they hadn't attempted to sell yet.

If you bought a car and never had a problem with it, would you join a motoring forum to say so? Most likely not, I imagine it's the very same here!

I am not looking to buy only to sell for profit, I am looking to buy for the long haul. I am looking to buy and increase our ownership to it's fullest capacity, even if that means the last dribble be paid when we retire!

I have no crystal ball so you could all be right, I may be heading for a disaster but I don't enter into things lightly. I do research which is what I began to do this morning by posting the question! I have all intentions of seeking sound independant legal advice regarding the situation and SO but today was the first of many!

thequant

scatz wrote: »

I had no attitude to start with. I am frustrated that no one has answered my question, they have all gone on about saving. I have lost count of the amount of times I have said that saving is not going to help me get a mortgage because of our unique geographical location!

I am financially viable, I can amass a deposit but it will not help me get a mortgage so there is no point, hence me asking about SO!

Please direct me to a post that has answered my question in this thread because I'm obviously missing it! It is quite evident that most have a higher than thou approach which is neither constructive nor helpful to my situation.

I frequent many forums and have no such problems on those so cannot see why I am having such an issue here?

I merely ask for someone to offer advice to my situation, nothing more, nothing less

if you cant afford to buy outright,then you can't afford to buy at all. regarding leaving your children a legacy, by your own admission in you opening post you are !!!!less with money,so admit this aint ever going to happen.the sooner you admit you are in the rentier class the sooner you can move forward with your life.

As for answering your OP, simple fact is if you have an IVA NO lender at all will touch you with a bargepole for the next six years. so stop dreaming and get on with your life. if you want to give your kids a legacy,the best one you can give them is to teach them not to make the same mistakes you have.

silverchair

rentier class????

I think that you are being incredibly rude "thequant" towards the OP.

Please ignore OP as the above post is not helpful.
However, the earlier posts about warning you against SO are worth reading. If you read up on shared ownership yourself you will see that it isnt a great answer & you would be better of waiting a bit longer.

scatz

thequant wrote: »

if you cant afford to buy outright,then you can't afford to buy at all. regarding leaving your children a legacy, by your own admission in you opening post you are !!!!less with money,so admit this aint ever going to happen.the sooner you admit you are in the rentier class the sooner you can move forward with your life.

As for answering your OP, simple fact is if you have an IVA NO lender at all will touch you with a bargepole for the next six years. so stop dreaming and get on with your life. if you want to give your kids a legacy,the best one you can give them is to teach them not to make the same mistakes you have.

That's a rather derogatory reply to say the least. My earlier post regarding replies being of a holier than thou approach have come to undeniable fruition I see!

Read the OP properly and you will see that I am no longer on an IVA. I paid off my debts in November 2009! The signature below my post may have been a slight give away there!

It's not a dream, it's an entirely real possibility! Are you a financial broker of some description? I wonder as you have just given me unfounded mortgage advise! Why will lenders not touch me with a bargepole seeing as my credit rating is fair bordering on good! We owe no money to anyone, we have but one credit card between us which the balance is paid even before it appears on the statement, we have no CCJ's or have ever been declared bankrupt. Please qualify your statement

scatz

silverchair wrote: »

rentier class????

I think that you are being incredibly rude "thequant" towards the OP.

Please ignore OP as the above post is not helpful.
However, the earlier posts about warning you against SO are worth reading. If you read up on shared ownership yourself you will see that it isnt a great answer & you would be better of waiting a bit longer.

Thank you. I fear I may have become slightly grumpy and frustrated earlier so maybe some of my posts may have been misconstrued but I appreciate your input on the previous post

I understand exactly where people are coming from when they warn about SO's. Predominantly the problems may arise when people wish to sell with a part share. We are looking to buy for the very long term with the view to purchasing extra increments and even use any retirement lump sum to pay off a balance should there be any!

I have been speaking with my mother earlier this evening who bought into a SO scheme with the very same association we are looking at. They had a very good experience, even though they sold up after only six months of occupancy (a too good to be true opportunity presented itself). Yes, they had to wait for a SO buyer but, for them it didn't take long!

As we are looking at the long haul, I see no reason why the downsides of selling should or will come into it! As I've said before, I don't have a crystal ball if if problems do arise in the future then we'll deal with them as and when! We can't all live in fear of the future can we?

poppy10_2

scatz wrote: »

I reported the post as I felt it was condescending!

It honestly wasn't meant as an insult, and I'm sorry if you took it that way. The fact is, you do have a bad credit history, and were only able to pay your way out of an IVA thanks to a windfall inheritance, which presumably isn't going to be a regular occurence. Although you might not like to hear it, it's pretty clear that you haven't been doing very well at managing your money.
That doesn't make you a bad person. Indeed, it's because the shared ownership scams prey on vulnerable people like you that I get so angry about them. They are encourage people who can least afford it to overextend themselves in the pursuit of an understandable dream to own their own home.

You keep saying you are saving £200-£250 per month. Putting £200 into a savings account each month and then taking it out again to spend it does not constitute saving. If you have 'unforseen circumstances' every month, then perhaps its time to try to forsee them and budget a contingency amount each month for this. If you are not able to save for a deposit over and on top of this, then you are simply not in a position to buy a house at this stage of your life. Sorry if that's not what you want to hear.