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Shared ownership or renting?

Chantal09
Posts: 1 Newbie
Hi,
My partner and I are both 24 year old parents of two little boys aged 3 and 1. We have been living in rented properties for the past 6 years but due to rising rent and being able to get little for your money we thought we’d try and save for a deposit to buy a house of our own. We are now living with his 72 year old grandparents in a 3 bed semi with the aim of saving a large deposit.
Over the last week I have been in touch with various mortgage advisors, banks etc and I can safely say that we will not be approved for a mortgage even half the amount that we require. To be precise we would be able to get £110,000.
My partner is employed full time and also has a second job. He works 7 days a week. He doesn’t earn amazing money but he works hard to bring in £34,000 a year. I am self employed (partnership) and work part time. I would love to work more to help make our income higher however with childcare fees this would mean I would end up earning very very little.
We are devastated that we can’t get a mortgage big enough for what we need but we need to pick ourselves up and move on. We accept that being a young couple with children it was never going to be plain sailing.
Now the question is... do we dare try and go for shared ownership or do we just bite the bullet and go back to renting?
Shared ownership scares me. There are very few properties being built in our area (East Dorset) and the ones that are being built are literally on the edge of a dual carriageway with no local shop, park or first school. We would need to be car dependant (and we share a car). Also I am aware there is a waiting list - so this could take years, years we don’t have as we aren’t living with grandparents forever. Also I don’t like the sound of being liable for repair costs - I would be happy to do this if I owned the house outright but paying for repairs if we only own 40% max??? Get out. It’s not actually that much cheaper than renting if at all cheaper. If we wanted to move I would be worried that it would be hard to find a buyer.
Renting isn’t great, we want a forever home not a stop gap but I feel like this may be the best choice for us right now.
DO WE GO BACK TO RENTING OR GO FOR SHARED OWNERSHIP??
I’m interested in any advice anyone can give me please. Many thanks.
:j
My partner and I are both 24 year old parents of two little boys aged 3 and 1. We have been living in rented properties for the past 6 years but due to rising rent and being able to get little for your money we thought we’d try and save for a deposit to buy a house of our own. We are now living with his 72 year old grandparents in a 3 bed semi with the aim of saving a large deposit.
Over the last week I have been in touch with various mortgage advisors, banks etc and I can safely say that we will not be approved for a mortgage even half the amount that we require. To be precise we would be able to get £110,000.
My partner is employed full time and also has a second job. He works 7 days a week. He doesn’t earn amazing money but he works hard to bring in £34,000 a year. I am self employed (partnership) and work part time. I would love to work more to help make our income higher however with childcare fees this would mean I would end up earning very very little.
We are devastated that we can’t get a mortgage big enough for what we need but we need to pick ourselves up and move on. We accept that being a young couple with children it was never going to be plain sailing.
Now the question is... do we dare try and go for shared ownership or do we just bite the bullet and go back to renting?
Shared ownership scares me. There are very few properties being built in our area (East Dorset) and the ones that are being built are literally on the edge of a dual carriageway with no local shop, park or first school. We would need to be car dependant (and we share a car). Also I am aware there is a waiting list - so this could take years, years we don’t have as we aren’t living with grandparents forever. Also I don’t like the sound of being liable for repair costs - I would be happy to do this if I owned the house outright but paying for repairs if we only own 40% max??? Get out. It’s not actually that much cheaper than renting if at all cheaper. If we wanted to move I would be worried that it would be hard to find a buyer.
Renting isn’t great, we want a forever home not a stop gap but I feel like this may be the best choice for us right now.
DO WE GO BACK TO RENTING OR GO FOR SHARED OWNERSHIP??
I’m interested in any advice anyone can give me please. Many thanks.
:j
0
Comments
-
Hi,
My partner and I are both 24 year old parents of two little boys aged 3 and 1. We have been living in rented properties for the past 6 years but due to rising rent and being able to get little for your money we thought we’d try and save for a deposit to buy a house of our own. We are now living with his 72 year old grandparents in a 3 bed semi with the aim of saving a large deposit.
Over the last week I have been in touch with various mortgage advisors, banks etc and I can safely say that we will not be approved for a mortgage even half the amount that we require. To be precise we would be able to get £110,000.
My partner is employed full time and also has a second job. He works 7 days a week. He doesn’t earn amazing money but he works hard to bring in £34,000 a year. I am self employed (partnership) and work part time. I would love to work more to help make our income higher however with childcare fees this would mean I would end up earning very very little.
We are devastated that we can’t get a mortgage big enough for what we need but we need to pick ourselves up and move on. We accept that being a young couple with children it was never going to be plain sailing.
Now the question is... do we dare try and go for shared ownership or do we just bite the bullet and go back to renting?
Shared ownership scares me. There are very few properties being built in our area (East Dorset) and the ones that are being built are literally on the edge of a dual carriageway with no local shop, park or first school. We would need to be car dependant (and we share a car). Also I am aware there is a waiting list - so this could take years, years we don’t have as we aren’t living with grandparents forever. Also I don’t like the sound of being liable for repair costs - I would be happy to do this if I owned the house outright but paying for repairs if we only own 40% max??? Get out. It’s not actually that much cheaper than renting if at all cheaper. If we wanted to move I would be worried that it would be hard to find a buyer.
Renting isn’t great, we want a forever home not a stop gap but I feel like this may be the best choice for us right now.
DO WE GO BACK TO RENTING OR GO FOR SHARED OWNERSHIP??
I’m interested in any advice anyone can give me please. Many thanks.
:j
I would try the House buying thread.
https://forums.moneysavingexpert.com/forumdisplay.php?f=16
FWIW I would suggest you keep well away from shared ownership.If I don't reply to your post,
you're probably on my ignore list.0
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