Is shared ownership ever a viable option?

Fritterbug

I’m a single parent with health problems, so I doubt I’ll be in a position to get a full mortgage before my child grows up.

I see a lot of warnings about shared ownership not being worth the expense, is that always the case? I’m currently in a council house, and although it’s not ‘rough’ it’s also not the quietest place to live. I also want to be able to renovate the house to suit us, which I can’t really do if I don’t own my home.

Does anyone have any knowledge or experience with this? I wouldn’t be in a position to go ahead with it for at least another two years, but of course it takes a lot of planning and saving up for a deposit if it turns out to be an option.
Thanks!

Owleyes00

There are lots and lots of issues with shared ownership that it sounds like you already know so I won’t bother stating them again now.

Ultimately only you can decide if owning some of a property with caveats is better than never owning any property at all. Like anything, it works out for some people and for some people it’s a complete disaster.

Bonniepurple

Shared ownership gave us the security that I craved.  As it was via a Housing Association we paid a reduced rent, which allowed me to go part time at work.  

Downsides - we were liable for 100% of repairs (and there were a LOT!) and when we came to sell the Housing Association turned down our first buyer on affordability.

If you are looking for security and have no plans to climb the housing ladder, do it.  If you want to use it as a stepping stone to full home ownership then I would say it’s not worth it.