Shared Ownerships

Daddyo

Hi Everyone,

In 12 months time (touch wood) i'll have paid off my debts via CCCS, after 10 years of berating myself for getting in such a mess and via the DMP.

I'll be 40 next year and that would be a great target, as my life would officially begin lol!!

I'm at the stage where i'm starting to think of past that debt free date and in particular buying a place. I know ive got to save up a deposit etc but one option i'd be interested to hear any experiences about are shared ownerships.

I notice on rightmove that there are places which ar 25%, 50% 70% shared ownerships for example.

If you could give experiences - good or bad - and any tips that would be most appreciated.

Many thanks for checking in,

Steve.

grifferz

Shared ownership schemes vary wildly and some people have been badly burnt by them.

Have you considered instead the government's Help to Buy scheme which right now is for new builds but from next January would be for all properties? It can bring your deposit up to 20% as long as you have at least 5%.

I'm not 100% sure it's a great idea but on the face of it it seems better than the best shared ownership scheme.

Here's a link to a thread containing some of the pitfalls of shared ownership schemes. Try to look past the gibbering fanaticism of certain posters and just take in the first hand stories.

https://forums.moneysavingexpert.com/discussion/3177256

Daddyo

Thanks for that.