How much does it cost if you buy now and climb the ladder later rather than mortgage?

moneyistooshorttomention

Re shared ownership places - from what I've read in these forums I wouldn't touch them.

Reason being the number of complaints there have been on here of people who bought one and then went to buy the rest of their property subsequently - only to find that the other "owner" of their property proceeded to have their share of the property valued at a good bit more than it was actually really worth. Consequently - the Housing Association part-owner was trying to overcharge (by a lot!) for their bit of the house when the partial owner tried to buy the rest.


EDIT; Just seen thread 5371071 on this sub-forum re shared ownership places. It makes illuminating reading!!!! Right at this moment its also on "front page" of the housing sub-forum too.

deaston

Personally, I wouldn't touch a property that's worth £50k. The moment there's a hiccup in the market, it's properties like this that will suffer badly.

But £50k is a very good deposit. If you're not mortgageable now, I'd say stick the cash in a high interest account and work on being able to get a mortgage in a couple of years.

moneyistooshorttomention

But then - if OP has a spell of unemployment at some point, then rented accommodation is not a good place to be living then. Landlords don't tend to like unemployed tenants and add in those very short-term tenancy agreements etc that there are these days and OP could find herself having to move to other rented accommodation at a time that coincided with being unemployed:eek:

Whereas - if her home is owned by her - then no problem = its secure.

CakeIsALie

Thanks for providing views on my decision. Looks like I'll rent for time being until it's time to buy a family home.