Shared Ownership

Lockylocky10

Hello,

I am looking at getting a shared ownership flat in Wiltshire and wanted to know a few experiences which people had. Did you find it a good way to get onto the property ladder or was it the worst thing you ever did?

Also, what normally indicates a lender to saying yes to a 5% deposit mortgage? The mortgage broker I'm dealing with has three lenders on file who deal with the low deposit scheme.
I have an 800 credit score, car on PCP and never missed a payment. Just wanted to know what peoples experiences and thoughts were

Thank you

ThemeOne

At the time I did it, it was a good way (the only way, in fact) of getting to live in a nice(ish) new build flat rather than grotty rented places.

Whether it's a good way to get on the property ladder probably rather depends on the share you eventually own when you come to sell and how much you're able to save etc.

For example if you sell after 5 years, but still only own 25% and have not increased your savings, you won't be in a great position to afford another property.

Lockylocky10

Thanks ThemeOne - will be hopefully going for a 50%ish share in the property and will continue to save alongside. Don't want to rent as just seems like throwing money away for something you don't get a lot for (although I do understand it's the only option for some)

Fingers crossed it all goes through!