What buying option would you choose?

cottonhead

We need to move as our house is too small but we dont have enough equity for a deposit and our credit rating isnt great either.

I am split between 2 options.......

There is an opportunity to move into a shared ownership place with a deposit we could afford. The maximum shares you can buy over time are 75%. The house looks lovely but its a new estate so how that will pan out we dont know.

My question is if you were in my situation would you go for this optiuon now ( potentailly we could move in within 8 weeks time) or option 2 .....

Wait 1 year and save hard core, try to improve your credit rating and just go down the normal buying route by trying to find a cheaper property than we first planned ?

Any opinions most gratefully received !

BitterAndTwisted

I wouldn't touch shared equity/ownership with a barge-pole, therefore I go for Option 2

mjdh1957

I agree with BitterAndTwisted.

Do some research, you can start by searching on this forum for horror stories about shared ownership.

It is a minefield. Living on a new estate could be the least of your worries.

cottonhead

Thanks guys. I do worry about not having 100% ownership ( not sure it would feel like ours ) and what happens when you go to sell your share. Looking at the figures the mortgage repayments plus rent on the bit we wouldnt own would also be more than the mortage repayments if we saved and bought our own place. That I dont get as I thought it was supposed to be more affordable!