We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Is now a good time to buy shared ownership?
BettyVob
Posts: 16 Forumite
We've come into a small amount of money recently which means we have enough for a shared ownership deposit. Pushing 40 and with a toddler I am keen to buy to get us on the ladder and be settled in an area for schools etc too. Husband will go along with this but thinks it would be better to wait, either for 95% mortgages to reappear, or the extra 2-3 years it would take for us to get to a 10% deposit at our current rate. I can see what he is saying and understand there are risks to shared ownership, but there are to all house buying, particularly in a economically uncertain time as we are in. We are in a pretty good financial position and a mortgage advisor sees no issues with us getting a mortgage as such.
Husband owned a house with a previous partner. This doesn't disqualify us from shared ownership, but we aren't eligible for the new version of the Help to Buy Equity loan and I am very concerned that if 95% mortgages only come back with government backing similar rules may apply making them only for 'true' first time buyers.
Of course no one can tell us when/if 95% mortgages will return or what the housing market will do, but I would appreciate any and all thoughts on this.
Husband owned a house with a previous partner. This doesn't disqualify us from shared ownership, but we aren't eligible for the new version of the Help to Buy Equity loan and I am very concerned that if 95% mortgages only come back with government backing similar rules may apply making them only for 'true' first time buyers.
Of course no one can tell us when/if 95% mortgages will return or what the housing market will do, but I would appreciate any and all thoughts on this.
0
Comments
-
@bettyvob I guess it boils down to personal choice. Imho, fwiw (very little), I don't see 95% LTV mortgages coming back anytime soon until the economy is clearly back on track.
I am a Mortgage Adviser - 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.
1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604.1K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards