Shared ownership

smurkej

Hi,

I'm currently renting and pay my landlord £9,600 a year, so let's just call it £10k a year.

I've had to move home 3 times within the last several years, the last two houses because the landlords wanted to sell.

I'm sick of the insecurity of renting and throwing thousands of pounds worth of money at these landlords and want to get my foot on the property ladder and start owning my own house instead.

However I don't have much cash in terms of a deposit for a normal freehold house on the open market, so my choices are somewhat limited.

I am going to view a house tomorrow on a new build estate in my village - which is a fantastic location and something I've been watching develop over the past couple of years.

The housing association have a few two bedroom houses and one three bedroom house, the two beds at £85,000 for a 50 percent share and rent of £250 per month. So with a 5 percent deposit I figure this would be around £4k which would be feasible for me.

But regards mortgages, staircasing and leasehold etc. I'm not very well read up on it. What sort of questions should I be asking in terms of these things? I've read up a bit on SO and understand some points such as the repairs being your responsibility and that you may need to ask to decorate etc. but at the moment I am paying £800 per month to my landlord with nothing to show, and by my calculations I could move into a house and I'd be paying around £200 less, and I wouldn't have to worry about being evicted or having to move.

Thanks for any advice.

Ali2000

Hi,
Shared ownership is a good scheme to get a property, go on the Property Booking website and it explains in great detail about shared ownership. I know it can be confusing but read this page and it should clear it up for you. Can i ask what area are you looking for a property in?
Hope this helps:rotfl:

xylophone

https://www.moneysavingexpert.com/mortgages/mortgage-schemes/

Leggitte

It starts with registering for the local scheme they have (Help to Buy or others). Once you are accepted, you can apply for a shared ownership house. With your application for the house they will want a Key Facts Illustration. This, you can get for free at any mortgage lender. The KFI will give you a good impression how much they are willing to lend you. It will be a lot lower than you expect as mortgage lenders seem a bit weary of shared ownership properties and because you also pay part rent.


Kind regards,
Leg