1st Time Buyer What Can I do !!! PLEASE HELP

bowlingo

Hi all,
I phoned a mortgage advisor today and was told that I could easily get a 80,000 mortgage. Hes sending me out a mortgage guarantee letter tomorrow so I can give it to the various housing association companys that run the shared ownership schemes as they require a mortgage guarantee letter before they will consider you for any Shared ownership properties that come on there books. I was also told to contact estate agents to see if they have any shared ownership properties on there books. Im wondering how many estate agents get hold of these as I was also told that when a shared ownership tenent wants to sell there 50% share the properties come back to the housing associations and if no one wants them within 28 days they go on the normal housing market.

Im also wondering what my chances are of getting hold of a shared ownership property as I bet with the housing market the way it is nowadays loads of people are after them?

Thanks
Alex

posty_3

We wanted to buy our council flat but we thought we did not have enough cash behind us, now the value of our property has risen £6000 in less than a year.
It may depend where in the uk you are as too prices falling.

rchddap1

If anyone wants to sell their shared ownership house, the housing association gets the first crack at the whip so to speak. However, if they are unable to find a buyer you can put your house up for sale with a local estate agents. So every now and then shared ownership properties do appear on the general market. However, the same rules over who can purchase the property still applied.

bowlingo

Hi all,
Today I phoned 25 estate agents in the Bournemouth area. None of them had a shared ownership on there books however I just missed one by 1 week a 2 bed semi at 80,000 for the 50% share.
I think the odds of me getting into one of these shared ownership propertys is extremelly limited the only thing going for me is a letter saying I can borrow up to £80000 but because theres others on the lists they will favour people of high priority (familys etc) as I am married with no children and have been renting for 10 years.

Thanks
Alex

meanmachine_2

With respect, I think you're going about this the wrong way. Forget about shared ownership.

With your income, you should be able to borrow more than £80K. Please go see a mortgage broker - find one in your yellow pages - and ask for their free advice.

If you come away with less than £100K, I'd be very surprised.

You're not that different to most other FTBers and they're still getting on the property ladder (just about). Plus, you have the advantage of being handy around the house, so use that to your advantage. Buy a fixer-upper, then over time, do it up to your specification.

Good luck.

dougk_2

As said by others I think the majority of shared ownership properties do not go through Estate Agents.

You need to contact the local housing agencies (their is likely to be more than one) as they normally orginate from them. Many of the contracts/leases or whatever contain a clause allowing them to sell the property first at market value.

Like you said it could be a long wait and they do prioritise.

Unlike Mean Machine I think shared ownership is a good option for a couple who are not earning above the average wage. My Brother has a shared ownship house and he was in a simlar situation to you. It allows him to purchase a further 25 or 50% share when he can afford it.

The problem with buying a fixer-upper is that you will need money to spend to fix it up!

Woby_Tide

I'm probably telling you what you already know but I asusme you manage to get hold of the property advertiser eachj week. I know sometimes there seems to be adverts in from the builders direct that occasionally mention some of the Bellway style 25%/50% ownership schemes. That said I would assume most are already advertised with agents already which as you say you've already tried.