shared ownership

younghousebuyer

Is shared ownership a good option for me-I live in the south east, and although I have a highly paid professional job (Dr, 60k), thanks to high rent and professional exams, I only have a small deposit, and can therefore borrow 250k. My options are:
- a 2 bedroom shared ownership house, I would expect to live there for 5 years. I would likely to be able to staircase as will get regular salary increases, and hopefully in 5 years would own it fully.
- a tiny 1 bed flat, on full ownership, but i feel i would outgrow it quite quickly
Any experiences/thoughts gratefully received

haras_nosirrah

I am a mortgage advisor who specialises in shared ownership and has done for 10 yrs. I am on the panel for two london housing associations.

Generally I would say if you can afford what you want where you want then the open market is best. If however you would have to move in a short timescale then due to the costs of stamp duty, selling and other buying costs looking at a bigger property on help to buy or shared ownership would work out better especially if rent means you are unable to afford to save a deposit.
If you are getting regular salary increases is there no chance of saving a higher deposit for the open market? If not then as I say something like help to buy may be a good option as then there is no rent to pay and you could save quite a substantial amount with the lower mortgage costs to enable you to staircase to 100% ownership in 5 yrs

00ec25

on a 5 year timescale, assuming your NHS training has now ended in terms of having to move around a lot, I'd say your quality of life will be much greater in the (right) 2 bed

right as in: location and facilities

Ali2000

One website that I have found to explain shared ownership well is Property Booking, this website explains it clearly and has current properties available. Hope this helps https://propertybooking.co.uk/