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Shared Ownership or normal Morgage for 1st time buyer
Smile54
Posts: 1 Newbie
Am hoping for some advice. Have recently looked into buying a new build shared ownership with only needing a 5% deposit, to buy 35% of house and pay rent on rest.
We have also found out that We can also get a normal Morgage, as in buying all of a house outright and also with only a 5% deposit- which is bit more than S.O deposit but whole house would be ours and monthly repayments not much different on whole house ownership with normal Morgage than one with S.O and rent together.
What would people advise best route, S.O with rent of house or Whole ownership of a house?
Any advice and information be very much appreciated. Asap would be good too.
We have also found out that We can also get a normal Morgage, as in buying all of a house outright and also with only a 5% deposit- which is bit more than S.O deposit but whole house would be ours and monthly repayments not much different on whole house ownership with normal Morgage than one with S.O and rent together.
What would people advise best route, S.O with rent of house or Whole ownership of a house?
Any advice and information be very much appreciated. Asap would be good too.
0
Comments
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Go for 100% yours then if its same and its exactly the right house, location etc long term. Unless you have reservations and would rather share the risks1
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Shared Ownership is necessity only, imho. Buy the whole place if you can.
Remember, with SO you're still responsible for the entire maintenance cost.0 -
If you are in a position to go 100% that's what you should do.
I'm also of the opinion that S/O is for those who cannot do 100% either due to income or the location radius.Mortgage started 2020, aiming to clear 31/12/2029.0
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