Shared ownership, good or bad?

kingoranks

@Obi, I will read usefulmale posting over and over again, everyone has contributed but everyone's situation is unique. My inlaws were on SO before, they gradually bought more shares and then sold. They were lucky prices went up and made alot of money.
Someone mention strategy, here is one for you. Live life comfortable now, hope and plan for the future

obi1974

We found out today that if we bought 50% share our mortgage will be £700 while rent is around 300 &£10 service charge. This is way too high when added. We can afford it but it won't really leave room for savings or other comforts. The best rate we got is 3.99% fixed for 2yrs & 5% deposit.
Am gutted that it's way higher than our current rent of 730 in 2 bedroom house. Renting a 3 bedroom here costs 1350 or even more depending on area and size. Don't know what to do as just fed up with trying to get on the housing ladder. We can't raise 15% deposit& if we could would go for help to buy instead.

Any advice as I just feel so sad?

Cakeguts

Have a look for a 2 bed property for sale that either has a separate dining room or a bedroom with two windows in it. You can then either use the dining room as a bedroom or with a large bedroom with 2 windows you can put in a temporary wall or screen and make it into 2 bedrooms for the children.

You will need a 10% deposit but this is the cheapest way that I can think of to get the 3 bedrooms.

I think you will have to accept that if you want a purpose build 3 bedroom property it is going to cost you more than it will for a 2 bed.