Shared-ownership - Agent advice + any positive SO stories?

EasyToAssemble01

After doing some number crunching, and realising I'm way off being able to afford the normal mortgage route (even after living somewhere relatively inexpensive), I've resigned myself that shared ownership may now be my only option. Much like leasehold, all I ever seem to hear is negative stories of people being trapped in something that sounded too good to be true.

So, my question is: are there any shared ownership homeowners on here who can testify that it was the smart move (and not just trying to convince themselves of that fact)?. Did you have to look hard to find a good scheme with no traps, and flexible staircasing?

My next question would be: do I need a mortgage advisor with specialism in shared-ownership? Or will any independent advisor be able to provide robust information on which providers to look for?

tiger_eyes

I bought my shared ownership property around 2015. Like you, I can't afford to buy outright, so the choice was shared ownership or renting forever. In that light, I'm pleased with the purchase - the total cost is less than renting (even though I had to put some extra cash down to extend the lease) and I have much more security. I suspect I will not be able to afford to staircase, but I can live with that.

PS: I used a regular mortgage broker, not a specialist.

f1_Fan

Just throwing my 2 cents in. I purchased 50% (£200,000) in a SO last year and it's been fine. I brought in a lodger and this has meant that it's cheaper than renting privately. If you're in a similar situation to do so, I'd recommend it! The SC has gone up a large amount (£322 a month!!) which is annoying but asides from that, it's been great. Now looking to either staircase to 100% or pay the rest of the mortgage off.

I used a regular mortgage broker too, I believe it was Mojo.. they were great!

wjr4

I bought a shared ownership house two years ago and no issues or regrets at all. I used a regular mortgage broker for the initial purchase and my remortgage. However, avoid Direction Law solicitors if you do go ahead with it!

Leggitte

Most negative stories you will hear about shared ownership will be from people who never bought a shared ownership ("most expensive way to buy a house!") or from people who owned to high a share to sell. If you own 75% it will be hard. I bought my shared ownership 3 years ago and am in a much better position than I was when I was privately renting. Pay the same in rent+ mortgage now as I did then in rent, and I have twice the space plus no agency who does checks every 3 months.

No special mortgage advisor needed.

Selling is the part you will need to be aware off. That can be tricky, as the HA will find the buyer for you in most cases.