Co-ownership

saverbuyer

You realise with coownership you are still renting 50% of the house and paying all the rates and upkeep right?

I can't wait to be paying someone else's mortgage anymore!

we've paid off someone else's mortgage its crazy.

You are paying coownership's mortgage. At 2.5%.

qwert_yuiop

leemuddywaters wrote: »

Wow that's quick, great to hear - we will actually be paying less a month, been renting for six years and when we work out what we've paid off someone else's mortgage its crazy.

Relax. You know what's really crazy? The amount of money you avoided losing in the property crash. Consider yourself seriously lucky compared to your landlord, and by renting all that time and avoiding buying an overpriced house you've saved so much more than you've paid in rent.

You're in a great position - well done.

leemuddywaters

Yes realize all those points, but having two young kids we need stability, not being told you've got 1 month to vacate the property, being able to make the changes we want etc to our home is priceless


Always gonna be plus's and minus's but overall its about having a place to call your own, even if it is 50% of that to start

AWeeCuppaTea

leemuddywaters wrote: »

Yes realize all those points, but having two young kids we need stability, not being told you've got 1 month to vacate the property, being able to make the changes we want etc to our home is priceless


Always gonna be plus's and minus's but overall its about having a place to call your own, even if it is 50% of that to start

Completely agree. I'd rather be paying towards 50% of the property, than none of it. As you say it's the stability, and being able to make changes, and sort out issues yourself. And at any point you have the option of buying the other half, you don't get that with renting, it's literally money down the drain.

qwert_yuiop

AWeeCuppaTea wrote: »

you don't get that with renting, it's literally money down the drain.

It's not. Possibly if you'd failed to buy in 1999 and failed to sell up in 2007, but not since. Rent is the price you've paid to avoid getting slaughtered in the property crash. We're in a very nice house which is worth approx £150,000 less than when we moved into it in 2008. At £6000 a year rent (and no rates or repairs) that's £42000 paid. We've also avoided the pleasure of approx £8000 rates. Also repairs, say £1000.

So very conservatively, we're a lot more than £100,000 better off. That's been a very nice drain for us.

So relax - if you've been renting since 2007, you're looking good. Congrats.

AWeeCuppaTea

qwert_yuiop wrote: »

It's not. Possibly if you'd failed to buy in 1999 and failed to sell up in 2007, but not since. Rent is the price you've paid to avoid getting slaughtered in the property crash. We're in a very nice house which is worth approx £150,000 less than when we moved into it in 2008. At £6000 a year rent (and no rates or repairs) that's £42000 paid. We've also avoided the pleasure of approx £8000 rates. Also repairs, say £1000.

So very conservatively, we're a lot more than £100,000 better off. That's been a very nice drain for us.

So relax - if you've been renting since 2007, you're looking good. Congrats.

In 1999 I was 9 years old so not much of a worry for me lol.

I get where you are coming from, however I'm still comfortable with my decision to own at least 50% for the next few years then look at 100%.

qwert_yuiop

AWeeCuppaTea wrote: »

In 1999 I was 9 years old so not much of a worry for me lol.

I get where you are coming from, however I'm still comfortable with my decision to own at least 50% for the next few years then look at 100%.

Then it doesn't really apply. The last few years have been very strange in the property market - luckily you were born too late to get involved.

AWeeCuppaTea

Out of interest, does anyone know how long I should expect now for completion?

I have my Ulster Bank appointment tomorrow for the full application, so just wondering how quickly they will process the application and valuation? And then once they (hopefully) issue an offer, how long is it likely to be until we actually complete?

Any idea would be great

leemuddywaters

Think usually about 2-4 weeks but could be wrong, how'd the appointment go?

AWeeCuppaTea

The appointment went really well thanks!

He checked affordability again at the start just to confirm all the details I'd given already were correct and it was fine. He then went through a fact find to determine the term, product and repayment type I wanted & why. (I'd already looked online so was easy enough- 5 yr fixed over 35 years no fee)

Then did a credit check, which came back as a 'Band B', it goes from Band A to Band J or something he said, and he said B was really good

He went through the Key Facts (monthly payments etc) and then explained what happens now is he submits everything to the underwriters to double check, he seemed confident he would it fine, but I am the eternal worrier so we'll see :rotfl:

Once the underwriters (hopefully) accept it, they will then arrange a valuation, and once thats done they'll issue the full offer. He says the underwriters normally take approx 3 working days and then another few days for valuation, so maybe 1-2 weeks for mortgage offer, and then just all the solicitor stuff to be sorted out. Hopefully by end of Feb it should all be done.

The appointment was only an hour & a half, I think because I'd already researched so much online, I'd been told to expect 2 hours or so!