Shared ownership is it worth it?

Kez2511

Just looking at houses for sale. Seen one that is shared ownership. 

CrazySexyCool

It depends on your circumstances.

If I could have afforded to get on the property ladder without shared ownership, I don't think I would have taken that option.
The money that I have paid out in ever-increasing rent and service charges, could have gone on overpaying my mortgage or even on saving for a deposit for a better property.

But, saying all that, shared ownership was a lifeline for me.
Renting in London is expensive and precarious - I had several instances of landlords not renewing tenancies because they wanted to move back in/sell up, and for my own mental health I needed the security of knowing that I won;t be turfed out with just a month's notice.
So it is not a decision that I regret.
But you do need to consider that the rent and service charge that you pay tends to increase each year, and you may not be able to get a mortgage with all providers - I know when I initially bought that there was a small pool of lenders that would touch shared ownership, but that was over 10 years ago.