Shared ownership or 100% purchase?

AliceBanned

https://forums.moneysavingexpert.com/discussion/5129980

Sorry, I posted as above but presume it was too long and waffly for anyone to want to read through!

I have tried to summarise:

I have 40% of a SO property valued at £72k (mortage balance £51900), bought for £62k a year go. Looking in the area there are one and two bed flats for between £140-150k but they are going fast and prices seem to be on the rise still in my part of Herts. Wondering what my likelihood is of staircasing to 100% (salary 31340) or should I sell ( apparently easyish to sell as desirable area) and buy a less desirable but own outright? I would rather stay put for a while but last time I asked my current lender and a broker, I could not borrow more than the current amount, though hopefully this will change in time.

I am trying to gauge in how much time this might change given that I am trying to pay off debts and live frugally, have no defaults or late payments, but the debts obviously have a big impact.

Maybe this is impossible to predict? Current fixed rate 5.89% ending July 2015. Trying to figure out next best move, and if possible reduce outgoings/increase equity a bit. Many thanks for any advice.

TrickyDicky101

Do you enjoy living in your property at the moment? I remember from one of your previous threads you weren't having a good time - have things improved?

If yes, in my opinion it would be risky to consider moving to a new place where you may not enjoy living.

AliceBanned

Yes I enjoy it very much now, thanks. The guy about who worked night shifts moved out a month after I told him he kept me awake every Sun and Mon night..it was awful when he was there. I think it was a coincidence that he moved; people come and go there. Generally the block is good and everyone else seems to be on the same page, wanting to come and go, sleep reasonably well etc and have a relaxing home.

I agree it is risky moving - having said that, the finances don't pan out as well as they could elsewhere so i agree it is a balancing act. Flats are selling within hours/days in my area at the moment, so I would again see it as next step short term move (another year maybe) so I am trying to not worry too much about it being perfect.

It is another thing to factor in - enjoying it as a home of course. That is why I am trying to find out what my options might be with the SO flat -if I could get a mortgage to cover the rest of it I would go for it, but this is unlikely, and at the moment I am stuck with £62k equity which isn't what I want for long term security.

AliceBanned

The guy above I mean..