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Buying schemes

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Am I right in thinking that with buying schemes like help to buy and shared ownership you’re always gambling more based on the market conditions and your own circumstances? Compared to a normal mortgage. I’m coming to the conclusion that if resales are affordable, it is better financially as it is less risk. The main attraction of buying schemes for me is that you get a nice new build but as I’m looking for a 1 bed as a starter home, i am worried about the resale value. 

Comments

  • Cheese1990
    Cheese1990 Posts: 56 Forumite
    Second Anniversary 10 Posts
    I always think you're better trying to stretch to a 2 bed if at all possible as the resale value is so much better and if needed you can always get a lodger to cover the additional mortgage costs if required.
  • Ybe
    Ybe Posts: 433 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    I always think you're better trying to stretch to a 2 bed if at all possible as the resale value is so much better and if needed you can always get a lodger to cover the additional mortgage costs if required.

    I’d need to use a buying scheme to get a 2 bed. 
  • ukri
    ukri Posts: 139 Forumite
    100 Posts Name Dropper
    edited 20 June 2021 at 5:32PM
    I would not go so far as calling it a gamble.

    These schemes help you buy something that you (perhaps) could not otherwise afford or would take many years to save up a deposit for. Obviously you are stretching your finances so that has its own cons. 

    You could perhaps wait for the new first homes scheme. Less gimmicky, genuine discount and a normal mortgage.
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