Share your shared ownership experiences

tedzwedz

Luukecross said:

fletcher1985 said:

I have a shared ownershiphouse. igot it 4 years ago i started with 50% mortaged for2 years then got another 30% now in decemberim going to buy the last 20% its been ideal for me. i have been over paying as muvch as possible to get the last bit this year. then i will do it up and sell it next year. but if you arenot planning on buying it all in the end then dont bother.

Hi, would you be able to provide some advice to someone looking at shared ownership?

I have been very happy with mine, its a good block and nice residents. I will buy more as funds allow. Its a great system to get on the ladder. The freeholder needs a kick sometimes though but thats ok.

[Deleted User]

tedzwedz said:

Luukecross said:

fletcher1985 said:

I have a shared ownershiphouse. igot it 4 years ago i started with 50% mortaged for2 years then got another 30% now in decemberim going to buy the last 20% its been ideal for me. i have been over paying as muvch as possible to get the last bit this year. then i will do it up and sell it next year. but if you arenot planning on buying it all in the end then dont bother.

Hi, would you be able to provide some advice to someone looking at shared ownership?

I have been very happy with mine, its a good block and nice residents. I will buy more as funds allow. Its a great system to get on the ladder. The freeholder needs a kick sometimes though but thats ok.

So my partner and I are currently looking at a 2 bedroom house, we are trying to understand the mortgage side of things at the moment, whether to go for a fixed rate or variable rate etc, would appreciate some advice on this?

tedzwedz

Luukecross said:

So my partner and I are currently looking at a 2 bedroom house, we are trying to understand the mortgage side of things at the moment, whether to go for a fixed rate or variable rate etc, would appreciate some advice on this?

Thats very much a mortgage/financial advisor question NOT a shared ownership one. The question is do you think rates will go up over X time etc? 

[Deleted User]

tedzwedz said:

Luukecross said:

So my partner and I are currently looking at a 2 bedroom house, we are trying to understand the mortgage side of things at the moment, whether to go for a fixed rate or variable rate etc, would appreciate some advice on this?

Thats very much a mortgage/financial advisor question NOT a shared ownership one. The question is do you think rates will go up over X time etc? 

appreciate that, any advice as to recommended mortgage advisors?

tedzwedz

I used Mandy at The Mortgage People TMA

annetheman

This is a bit of a resurrection but I'm scouring the boards for some experiences.

I am currently selling a Shared Ownership 2-bed flat in a commuter town outside London. Original value was £355,000, and I paid £9,100 for my deposit on £99,800 28% share.

I initially wanted to staircase, but then realised I could get a mortgage big enough to buy a freehold, so then asked my HA to sell. They have yet to instruct a valuer but the 6 week nomination period started yesterday.

I am in a dilemma about what to do - everything pinges on the valuation. If I get a valuation at £360,000 or below, I'm going to ask to staircase to 80% or above and stay for another year or two, saving up more of a deposit for a freehold - at 80%, the HA will not be able to find anyone to buy my shares and will definitely let me go open market.

If I get a valuation of £365,000 or above, I will contiue the sale and hope the HA can find a buyer ASAP so I can move out and save £££ at my dad's before purchasing my onward house. OR I can put it on the open market for a price I want, then perhaps do a back-to-back staircase and sale at a higher value.

If anyone has been in this scenario (open market SO selling), it would be great to chat!