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Help with Help to Buy Shared Ownership Please!

annetheman
annetheman Posts: 1,043 Forumite
Tenth Anniversary 500 Posts Photogenic Name Dropper
in House buying, renting & selling
Hi everyone,
I would like to buy my first home using HTB Shared Ownership. I have read many guidance documents but I'm still struggling to understand if my situation is feasible on this scheme:
-I would like to buy 75% of the house
-I have chosen which house I would like
-I have an agreement in principle 
-I have the deposit ready
-No offer has been made yet
I am struggling to understand if I can choose any house I want? The house I want is owned by a private landlord currently on a leasehold. I understand with Shared Ownership you don't need to buy a new build unlike other HTB schemes, but I don't understand if I have to buy a house that is owned or already managed by one of the government-registered associations?

The house I would like is not in a chain and I really love it so I would be gutted if I missed out. If that were the case I'd get a regular mortgage through the bank of dad for the deposit as the main reason I am going through HTB scheme is because I can't afford the deposit on the full price of it :(

Thanks for your help!
Current debt-free wannabe stats:
Credit card: £8,524.31 | Loan: £3,224.80 | Student Loan (Plan 1): £5,768.55 | Total: £17,517.66
Debt-free target: 21-Mar-2027
Debt-free diary

Comments

  • MovingForwards
    MovingForwards Posts: 17,180 Forumite
    10,000 Posts Seventh Anniversary Name Dropper Photogenic
    S/O is not available on all properties, only selected ones generally through housing associations.

    I think you need to do a fair bit more reading, start with googling shared ownership property for sale and the area you want to buy in, that will show what's available.

    It will probably show you the requirements / criteria for your local S/O provider too.
    Mortgage started 2020, aiming to clear 31/12/2029.
  • annetheman
    annetheman Posts: 1,043 Forumite
    Tenth Anniversary 500 Posts Photogenic Name Dropper
    Thank you for that - so the house I want isn't through an association on that long list on gov.uk. It is just a private seller house.
    So I don't think I'll be able to use S/O - and because it's not a new build I wouldn't be eligible for any other HTB schemes, which is absolutely rubbish?
    Current debt-free wannabe stats:
    Credit card: £8,524.31 | Loan: £3,224.80 | Student Loan (Plan 1): £5,768.55 | Total: £17,517.66
    Debt-free target: 21-Mar-2027
    Debt-free diary
  • kingstreet
    kingstreet Posts: 39,445 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You can buy existing second-hand SO properties. Look for "resales."
    In the olden days (mid 90s) there was a product called Do It Yourself Shared Ownership (DIYSO) which was run by local authorities. You could buy a property in conjunction with the LA where you lived. Unfortunately, this no longer exists as it is what you would have used for your purchase.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • kingstreet
    kingstreet Posts: 39,445 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Just having a quick search, there are still DIYSO schemes up and down the country. You might want to sound out your local council.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • MovingForwards
    MovingForwards Posts: 17,180 Forumite
    10,000 Posts Seventh Anniversary Name Dropper Photogenic
    kingstreet said:
    Just having a quick search, there are still DIYSO schemes up and down the country. You might want to sound out your local council.

    S/he has now started another thread and moved on from this one, next thread is 'interesting' shall we say.
    Mortgage started 2020, aiming to clear 31/12/2029.
This discussion has been closed.
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