Co Ownership newbie.

Lough_Neagh

Hello Folks,

Bit of A newbie to the forum.

I want to go for Co Ownership on my own.

My basic wage does not meet half the price of the house

I want to go for.I earn just over 17k but do earn more per annum with overtime.

Over the past 3 years overtime has consistantly taken me to 20k on
average.I have the P60's to prove this.

Problem is my employer will not put my overtime down as
guaranteed and my financial advisor told me thats what I needed.


The house price is 115k

My girlfriend has bad credit so that is not an option.

Is there anything else I can do?

Many Thanks

tommie

With house prices still falling is renting not an option for the time being?

Lough_Neagh

tommie wrote: »

With house prices still falling is renting not an option for the time being?

The house we have our heart set on is a new build and I feel

the time is right to buy.I personally am in a good financial

position to do so.Good credit history and no debts.

saverbuyer

Rent while prices are falling, buying a new build you'll automatically lose you money. Particularly if you are buying in a big development e.g. bracken hill, coopers mill, blackrock etc.

The shiny new kitchen may look good now but is it worth paying a 20% premium.

steveymp

As others have said, go for renting and save save save all you can, I moved last year and I would say my purchase is worth £20,000 less now Doesn't matter to me in the long run as it is hopefully my box home and I had a £70,000 deposit from my previous house sale.

Prices are only going south at present, I see people trying to ramp the market in the media, but the recession on Our Wee Country will out last the UK recession by years.

Rent with your partner and both of you save what you can, her credit rating will improve over a few years and a large deposit from you both may even avoid the minefield that is co ownership.

avenida

steveymp wrote: »

As others have said, go for renting and save save save all you can, I moved last year and I would say my purchase is worth £20,000 less now Doesn't matter to me in the long run as it is hopefully my box home and I had a £70,000 deposit from my previous house sale.

Prices are only going south at present, I see people trying to ramp the market in the media, but the recession on Our Wee Country will out last the UK recession by years.

Rent with your partner and both of you save what you can, her credit rating will improve over a few years and a large deposit from you both may even avoid the minefield that is co ownership.

Em wonder is the OP living with parents or in rented accommodation at the moment? Its hard to save when you are paying rent

qwert_yuiop

avenida wrote: »

Its hard to save when you are paying rent

It's hard to save.

Lough_Neagh

Thanks for the replies folks,

We both are in rented accomodation at the minute.

The rent per month is £500 for a 2 bedroom apartment.

We want to go for a 3 bedroom house semi detached in

a very desirable area.I personally think the price is competitive.

And the house next door to the property we have our eye on

had been on the market 4 days and is now sold.

Citywalk

Your nuts to rent when you can buy at the same rate right now. Why spend £6000 a year in rent you will NEVER get back?

If you buy a house and pay that off your mortgage it makes more sense. Sure the value might drop a little but we are at the bottom of the market right now so it can't drop by that much considering the 50% drops have already happened. Any further drops are going to be in the 0-10% range a year now.

You buy a house for £100 000. It would rent for £6000 a year. So if your house value drops 6%. It made no difference if rented or bought. Your still out £6000. But you still OWN something.

Citywalk

I would suggest not listening to the Majority out there. I didn't. Despite being told by 99% of people i spoke to to buy a house back in the boom. Hey presto the market is at its lowest point and those majority are saying don't buy, because they did buy in the boom and now have negative equity. Id be out probably £80 000 in 5 years. the rent over that time is £30 000. So I'm £50 000 better off

suki1964

Citywalk wrote: »

I would suggest not listening to the Majority out there. I didn't. Despite being told by 99% of people i spoke to to buy a house back in the boom. Hey presto the market is at its lowest point and those majority are saying don't buy, because they did buy in the boom and now have negative equity. Id be out probably £80 000 in 5 years. the rent over that time is £30 000. So I'm £50 000 better off

Sure the op should buy, but a property he can afford, not co ownership, not while house prices are still falling