Private investors to help 1st time buyer &TheHouseCrowd

Red-Squirrel_2

AdrianC wrote: »

OK, fair enough - Band 5 is the entry level, though, which is to be expected at the start of your career. If you're not willing to go for promotion to higher bands by specialising, you're going to have to accept that not increasing your income is part of that decision.

Band 5 is the entry level for degree educated, registered health professionals. Its also the staff group that makes up the vast majority of nursing and AHP staff in the NHS. They can't all get promotions or the health service would fall apart. The top of band 6 is only about £35k anyway and you'd take 8 years to get there starting from the bottom, so its not exactly a path to easy riches! Beyond band 6 you're into management and limited clinical time.

OP, I feel for you, it sucks. You've gone to uni as a mature student, got yourself a professional qualification and now you're working your backside off using your considerable knowledge and skills helping and supporting others to live well, you'd think that would be enough to get you a secure modest home, but sadly that's not the world we live in today.

lopsyfa

what you are looking for is the help to buy shared ownership scheme (https://www.helptobuy.gov.uk/shared-ownership/) but instead of a "private investor" buying part of the house, the government buys part of the house. I believe the shared ownership is much more better than getting a private investor (if you are lucky to get one) because it offers you more security that the investor may decide they want to pull out of the property, it will be difficult to get a mortgage for such scheme amongst other issues that you may have.

I know "many" people don't like shared ownership but I'll advice choosing it over choosing a private investor to own % of your house and if you don't like it, save till you can afford 100% mortgage or buy something more affordable.

gycraig_2

jondav wrote: »

How do you know that? How do you know that they can afford to move at all - that in itself is very expensive.

Our situation (and I guess plenty of others too) is as follows:

The area that we live in is one of the cheapest in the country.
We both have full time jobs that pay a good salary compared to the average in this area.
We live in the smallest flat that we can manage with.
We are metered for water to save money.
Heating is off between March and November, whatever the weather - we wrap up instead.
We have a small amount of debt (less than £2k) that we are trying to clear.
We have no savings.
We do not smoke or drink.

Can you advise me what you would suggest we do to "move to a cheaper area to save money"?

I am really not being argumentative, but life is not always that straight forward.

If you live in the cheapest area with "a good salary" compared to the average in a flat and you can't save for a deposit you are doing it wrong.

Cheapest flat in my area is 300-350 a month average jobs would pay 1k a month each. Me and my partner take home 22-2300 a month after tax and managed to save 400-600 quid a month when renting.

Cakeguts

A back to back that costs £600 pcm where is it? That is not what I would call a cheap area or the landlord saw you coming.

I am sure that if you really wanted to save for a deposit you could find a cheaper rented property.

AdrianC

gycraig wrote: »

average jobs would pay 1k a month each.

That's either less than full time, or less than minimum wage.

tykesi

mightykate wrote: »

A very basic house in this area with a yard is about 175,000....it's very depressing.

In Leeds? Absolute rubbish or you're looking in the wrong "area". £175k buys a decent two or three bed semi in many decent areas in Leeds.

parkrunner

http://www.rightmove.co.uk/property-for-sale/property-63219779.html

AdrianC

I suspect the OP is looking at this :
http://www.rightmove.co.uk/property-for-sale/property-65810774.html
...which is really rather nice, and a definite step-up from just being a foot on the ladder.

Now, I don't know Leeds at all well, but less than two miles away in the same LS6 postcode, we can also find...
http://www.rightmove.co.uk/property-for-sale/property-58798816.html
http://www.rightmove.co.uk/property-for-sale/property-44810103.html
http://www.rightmove.co.uk/property-for-sale/property-64982249.html
http://www.rightmove.co.uk/property-for-sale/property-46796040.html
http://www.rightmove.co.uk/property-for-sale/property-65102903.html

Sure, they don't present as nicely as that first one. But, then, they're between 1/2 and 2/3 of the price!

ReadingTim

parkrunner wrote: »

http://www.rightmove.co.uk/property-for-sale/property-63219779.html

So OP - what's wrong with this place?

I'm beginning to wonder if it's your expectations, as much as the property market, that's the problem....

chucknorris

mightykate wrote: »

Hi
Does anyone know of any process in which you can get a private investor to help buy a residential property?

I work for the NHS full time but I can only get a mortgage on my salary of 101, 000. ish which will get me nothing in the area I have rented in for 11 years. A very basic house in this area with a yard is about 175,000....it's very depressing.

I can't afford to save for a deposit it would take at least 10 years to get a sizeable amount. Unfortunately my family do not have funds to be able to help. I am 43 and feel so despondent that I can't have my own home.

I could maybe beg borrow and steal 5000 pounds but that would still get me very little.

I have just found this site The House Crowd and trying to understand what it is offering but wondered if anyone has any experience of a private funder?

Thanks for reading

It is something that my wife and I have occasionally thought about (investing, not borrowing), but we haven't thought of a mechanism that differs that much from shared ownership. So I don't think that we would be offering that much, that isn't already available elsewhere via shared ownership schemes.

Getting our investment out in no more than 12 to 15 years would be an issue too, so I don't think that it would really work us us either.