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Shared ownership scheme or wait ?
cottonhead
Posts: 696 Forumite
We currently have a small flat and are running our of space although we love where we live. There is a possibility of moving to a new development via a shared ownership scheme with a local housing association. This would enable us to move quicker as we currently only have a small deposit.
If we wait here 2 years we would have enough equity to buy somewhere of our own. Im unsure what the best option is. Is shared ownershio more hassle than its worth etc etc and having never loved in a housing association place is that a good move or not ?
If we wait here 2 years we would have enough equity to buy somewhere of our own. Im unsure what the best option is. Is shared ownershio more hassle than its worth etc etc and having never loved in a housing association place is that a good move or not ?
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Comments
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I was under the impression shared ownership was for first time buyers only...could be wrong though.
Personal opinion...wait the 2 years and buy somewhere you don't have to pay rent on top of a mortgage.0 -
No, key workers are eligible, and also they can offer to others they have accepted on their list - someone living in a flat but in need of a house, for example. They are much more lax now than they used to be.
I just replied to a similar thread. I think SO is a last resort.
How do you know that you will have enough equity in two years - the value of your home might decrease in that time - no guarantees in the current market.I have had many Light Bulb Moments. The trouble is someone keeps turning the bulb off
1% over payments on cc 3.5/100 (March 2014)0 -
Deep down I would prefer to buy outright ( mortgaged of course ) than have a share. I also am concerned what the new development might turn out like as there was a similar one locally that is now well know for problem famalies and nobody who did buy can sell their houses now as it has such a poor reputation.
On the other hand a brand new home sooner than 2 years sounds tempting.
I did question the scheme and they said if we have an income below £60,000 work in the area and have unsuitable housing we could be considered.0 -
I think it's worth checking things with housing association, as all schemes seem to be different, we are in SO and are allowed to sell on the open market ourselves and sell it for market value, some HA state that you aren't allowed to sell your share for over a certain amount.Also some HA don't allow to you to buy 100%, but ours do. I think a lot depends on which HA the house is with. WE went from a 1 bed flat to a 2 bed new build, which we couldn't have afford to do on the open market. Hope that helps
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