Should I buy, one bedroom shared ownership London?Where to turn for impartial advice?

poocan

Hi all,

Thanks for taking the time to read this.

At present I live in a part rent, part buy scheme for a one bedroom flat in London. I paid off the mortgage on the 25% that I own and am thinking about 'staircasing' up to full ownership. I live with my girlfriend and we pay around £280 a month in rent on the remaining share. I would be buying to secure the ability to live in London should prices rise further. The cost of the remaining share will probably be around £300k (!) (the value has risen to around £400k from £240k in 2011 when I bought the first share). The flat is between deptford and greenwich. We are so lucky in our current situation and can continue with it but are worried that this is the last time we will be able to buy a place outright in the capital. We would stay here for probably five more years.

My main concerns are unsustainable prices in London (will prices go down?) and rising interest rates for the mortgage.

Is it usual to discuss something like this with a financial advisor who will be able to go into the details of our situation and maybe point out things we haven't considered? Where would I find one of these and what would I expect to pay for the privilege?

Any advice, long or short would be warmly received.

Thanks

AnotherJoe

Is it usual to discuss something like this with a financial advisor who will be able to go into the details of our situation and maybe point out things we haven't considered? Where would I find one of these and what would I expect to pay for the privilege?

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Save your money, they will have no more idea what will happen to house prices or interest rates than you do.

Cakeguts

If the prices go down you will get less for your flat if you sell but on the other hand anything else you buy will also be cheaper so it is all relative.

Pixie5740

Financial advisors tend to advise you about financial products such as mortgages, pensions and investments rather than what the housing market might do. If you do decide to consult a financial advisor then yes you will need to pay for the service, not privilege but a service you have sought out.

ReadingTim

Advisors will advise on how to go about doing something like buying a house, staircasing etc, not whether you should do it or not - that decision is yours and yours alone.