Co Ownership newbie.

steveymp

suki1964 wrote: »

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

Yep, best bit of advise here :T

Co Ownership is a minefield, I assume 2 incomes coming in from OP and Girlfriend, again save for a few years and rebuild her credit score, then get a joint mortgage and bypass Co Ownership all together;)

Prices are not going anywhere but down in the next 3 years. Opinions are like
A r s ewholes, everyone has one but some of them stink

saverbuyer

avenida wrote: »

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

If you can't save a deposit when renting, how can you expect to save for the emergency cost that come with owning a home. Like a boiler breakdown.

If you can’t save a deposit, you can't afford to own a house.

qwert_yuiop

Citywalk wrote: »

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.

You own something that your council will give you A rates bill for, and you'll miss the comfort of watching someone else pay for the maintenance . Unless you paid cash you'll have interest on your loan as well. So the drop would need to be a fair bit less than your 6000 example to make sense.

Prices at the bottom? Are you an estate agent?

qwert_yuiop

qwert_yuiop wrote: »

You own something that your council will give you A rates bill for, and you'll miss the comfort of watching someone else pay for the maintenance . Unless you paid cash you'll have interest on your loan as well. So the drop would need to be a fair bit less than your 6000 example to make sense.

Prices at the bottom? Are you an estate agent?

Something else - you can rent a very nice house for 6000 a year. If that's your budget for mortgage, rates, repairs and maintenance, you'll only be able to afford a much inferior house. Or if you're one of the lucky few who don't need a mortgage, don't forget the cost of having your money tied up in a house when it could be earning interest. e.g. 3% odd at the post office. That, and/or money spent on interest, is money you will NEVER get back.

saverbuyer

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?

Also worth noting mortgage interest is something you'll never get back. On that 100k mortgage you pay 100k interest over 25 years.

avenida

Which co-ownership are you going for? I know ulsbank do them with no deposit required

qwert_yuiop

saverbuyer wrote: »

Also worth noting mortgage interest is something you'll never get back. On that 100k mortgage you pay 100k interest over 25 years.

A convenient way to look at interest on a mortgage is to see it as the rent you pay to the real owner - Mr Bank.

saverbuyer

avenida wrote: »

Which co-ownership are you going for? I know ulsbank do them with no deposit required

The only scheme i'm aware of is that operated by the coownership housing association funded by the NI executive. The only lender offering mortgages for cownership in NI is Ulster Bank.

arkonite_babe

this thread might help as well

BigAl94

so might this albeit on a different forum http://www.housepricecrash.co.uk/forum/index.php?showtopic=186204