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Shared Ownership Flat
csirogers
Posts: 2 Newbie
Hi all, just after opinions,advise and thoughts really.
I am currently single and renting a one bedroom flat for £520 per month. Like most people I would love to own my own house and the initial plan was to save over the next 3 years with the new help to buy ISA and hopefully have enough deposit to buy a 2 bed house.
The continued increase in house prices is a worry, to the point where i've basically been priced out of buying a two bedroom house because I would not get the mortgage amount needed on my single person salary in my county.
I figure there are two ways to do this, move out of the county or raise a bigger deposit. I am not keen on moving out of the county, family ties and commitments etc.
I currently have enough of a deposit to be able to buy a 1 or 2 bedroom shared ownership flat. The resales SEEM fairly strong in the area but I, rightly or wrongly, have always been hesitant in buying flats and the shared ownership scheme.
The amount I would be paying in mortgage+rent+maintenance+ground rent would be around the same or less than what i'm currently paying. I would therefore be able to continue with the original savings plan (although unable to use new help to buy ISA) and be building equity in the property at the same time which I obviously can't do if i'm renting. Essentially I would treat it as a second savings account and hope for no decreases in the property market.
This, on paper, sounds like a good plan to me so I was wondering if anyone had done the same? Any problems? Can anyone think of anything I should consider? Thoughts?
Many Thanks for your help
I am currently single and renting a one bedroom flat for £520 per month. Like most people I would love to own my own house and the initial plan was to save over the next 3 years with the new help to buy ISA and hopefully have enough deposit to buy a 2 bed house.
The continued increase in house prices is a worry, to the point where i've basically been priced out of buying a two bedroom house because I would not get the mortgage amount needed on my single person salary in my county.
I figure there are two ways to do this, move out of the county or raise a bigger deposit. I am not keen on moving out of the county, family ties and commitments etc.
I currently have enough of a deposit to be able to buy a 1 or 2 bedroom shared ownership flat. The resales SEEM fairly strong in the area but I, rightly or wrongly, have always been hesitant in buying flats and the shared ownership scheme.
The amount I would be paying in mortgage+rent+maintenance+ground rent would be around the same or less than what i'm currently paying. I would therefore be able to continue with the original savings plan (although unable to use new help to buy ISA) and be building equity in the property at the same time which I obviously can't do if i'm renting. Essentially I would treat it as a second savings account and hope for no decreases in the property market.
This, on paper, sounds like a good plan to me so I was wondering if anyone had done the same? Any problems? Can anyone think of anything I should consider? Thoughts?
Many Thanks for your help
0
Comments
-
Hi all, just after opinions,advise and thoughts really.
I am currently single and renting a one bedroom flat for £520 per month. Like most people I would love to own my own house and the initial plan was to save over the next 3 years with the new help to buy ISA and hopefully have enough deposit to buy a 2 bed house.
Why the big step up in property?
Surely it's better to get on the market and then reevaluate in a few years.
You may even then have a joint income that will gain you far bigger buying power.0
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