Shared Ownership - Scotland

dave996633

Hi everyone,

Just wondering if anyone has any experience with shared ownership schemes in Scotland.

I'm currently privately renting, paying £550p/m and I found a shared ownership flat (25%) which would be £300p/m "rent" and around £230 mortgage payment. I'm thinking a scheme like this is the way to go as I can afford the deposit for a shared ownership scheme but I'll struggle to have enough for a normal deposit with in the next 10 years.

I'm just wondering if anyone has any good or bad experiences with these and how likely it is to be able to re-mortgage in a few years to buy a further 25%.

Thanks

libf

I don't know specifics about Scotland, but generally if you're not looking to stay in the shared ownership property long term then it's better not to staircase as it's easier to sell 25% than 50%. Although this does depend on how affordable the rent is on the other 75% and whether you can build up enough equity in the 25% for your next purchase.