Shared Ownership help and advice

chokolat2

Hi everyone
Sorry if this is in the wrong part of the forum

My boyfriend (we been together 6 years) currently lives at home with his mum, and I live at home with my parents
Unfortunately due to the recent circumstances it is no longer possible for him to live at home.
We want to move in together finally. He is full time employed. I have been self employed (salary varied) for past 3 years but starting a full time job end of this month.
We dont have much saved for a deposit, only in the region of about 5k for now. We also thinkibg of renting, and saving into the Help to Buy ISA for maybe 2 years or so.
His credit score is alot better than mine, and he doesnt have debts (just bout £300 monthly outgoings and pays £250 currently for rent living at home) on average salary 22500 per year.
I did a bit of research online to see what out options are and came across the Shared Ownership scheme which sounds attractive.
Just wondering what anyone can suggest in our situation? I doubt I would be accepted for any mortgage, due to my credit score and debts, so we are quite limited in terms of just his salary for a mortgage, although quick calcation online shows he would be eligible for around £77k
If we go for a shared ownership , I have seen a house at 50% that we like , at £66000. What is the deposit like for this kind of price?
Or perhaps we should rent for a bit to save up?

Many thanks

Hutchch0920

I'd assume you'd need £6600 (10%) to buy 50% - so not entirely out of the question in your current situation. Make sure you understand how much rent you'd need to pay, council tax, bills etc - perhaps consider using an affordability calculator to check you can afford everything. If you really want it but can't find the extra money for the deposit approach the housing association and negotiate the % that you would buy - you can have as little as 25%. When I bought my first SO property we negotiated the % up.

The other thing I'd advise is a trip to the financial advisor - they will give you a much better idea of how likely you are to be accepted for a mortgage and will take account of your credit history etc.

Hope that helps