Co Ownership newbie.

emmah89

saverbuyer wrote: »

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.

not true mortgage-wise. we got our mortgage through leeds building society. they were excellent, though we got a fantastic house at a rock bottom price- and did the split 50/50 with co-ownership. we are paying half the price for mortgage, co-ownership rent, and insurance than we did for renting. if you can get a house at the right price i would recommend it- but you have to know your limits.

saverbuyer

emmah89 wrote: »

not true mortgage-wise. we got our mortgage through leeds building society. they were excellent, though we got a fantastic house at a rock bottom price- and did the split 50/50 with co-ownership. we are paying half the price for mortgage, co-ownership rent, and insurance than we did for renting. if you can get a house at the right price i would recommend it- but you have to know your limits.

Sorry are you based in England/Wales/Scotland.

suki1964

saverbuyer wrote: »

Sorry are you based in England/Wales/Scotland.

Think it's coleraine , looking at posting history

emmah89

saverbuyer wrote: »

Sorry are you based in England/Wales/Scotland.

im in coleraine!! leeds building society have a branch in belfast. we did everything through there.

edited to say we didn't even know leeds existed until our mortgage advisor told us about them. think we were one of the first in ni to get a co-ownership mortgage through them. definately worth a shout if you want to check outside the ulster bank.

saverbuyer

emmah89 wrote: »

im in coleraine!! leeds building society have a branch in belfast. we did everything through there.

edited to say we didn't even know leeds existed until our mortgage advisor told us about them. think we were one of the first in ni to get a co-ownership mortgage through them. definately worth a shout if you want to check outside the ulster bank.

Thanks. I didn't know that.

Their rates aren't as good as Ulster and the SVR is a lot higher.

Can I ask why you went with them?

emmah89

saverbuyer wrote: »

Thanks. I didn't know that.

Their rates aren't as good as Ulster and the SVR is a lot higher.

Can I ask why you went with them?

we had past dealings with ulster and found them terrible (bank accounts etc). i do believe we got better rates than advertised!

saverbuyer

emmah89 wrote: »

we had past dealings with ulster and found them terrible (bank accounts etc). i do believe we got better rates than advertised!

Can I ask if you had bad credit or were unable to save a deposit? Why did you go with coownership?

Watch out for when you come off your discount period. Leeds SVR is nearly 2% higher than Ulster.

emmah89

saverbuyer wrote: »

Can I ask if you had bad credit or were unable to save a deposit? Why did you go with coownership?

Watch out for when you come off your discount period. Leeds SVR is nearly 2% higher than Ulster.

Yes, know the mortgage rates, future costs, all far less than what we were paying when renting. as i said, went with leeds due to past dealings, went with co-ownership as we would not have been able to buy a house without going through it (deposit wise yes), and with the house we bought at a third of the price a friend sold their house for last year on the same street, we jumped when the prices were low :T best decision ever :beer:

tommie

emmah89 wrote: »

and with the house we bought at a third of the price a friend sold their house for last year on the same street

so lets get this right,
eg, so your friend sold for say £120k, and you bought a similar house in that same street for only £40K ???

Was it vandalised, gutted, auction or what??

emmah89

tommie wrote: »

so lets get this right,
eg, so your friend sold for say £120k, and you bought a similar house in that same street for only £40K ???

Was it vandalised, gutted, auction or what??

no nothing wrong with the house, apart from a little bit of modernising needed (a lick of paint and a new carpet in 2 of the bedrooms!)- price drop due to the current housing market!! is that so hard to believe?!

edited to say, turns out the sold the house almost 2 years ago, not 1!