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Shared ownership - is it worth it?
justashortinterlude
Posts: 3 Newbie
I've been trying to afford to buy a house for a few years now but always seems out of my grasp. I have just viewed a shared ownership property - brand new 3 years old - (full price of £290,000) and my partner and I am eligible to buy a 75% share of for £217,500.
Is it worth it? We have spent the last week or so looking at both pros and cons.... have heard that it's a con mainly! We are currently renting a house for £1,200 and the mortgage and rent will work out less than this. Would be great to hear from people who have gone down the Shared Ownership route and anything we should be aware of...
Is it worth it? We have spent the last week or so looking at both pros and cons.... have heard that it's a con mainly! We are currently renting a house for £1,200 and the mortgage and rent will work out less than this. Would be great to hear from people who have gone down the Shared Ownership route and anything we should be aware of...
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Comments
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I guess, it's ok if...- £290k is a fair price (compared to other properties)
- You expect to be able to staircase to 100%
- There is no restriction in the lease that stops you staircasing to 100%
Based on posts here - the problems seem to be when people want to sell, extend leases etc, before staircasing to 100%. You have much more freedom and control, once you own 100%.
But some leases don't allow you to staircase to 100% - so you should check that.
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If you genuinely can’t afford another suitable property, yes. The properties that were suitable near me were too expensive to buy as a single person & rent was £300pm more than my SO house. I used to own a property with my ex & I much prefer my SO house. I guess you tend to hear mainly negative opinions because people often only mention the negative things. I plan to stay here and hopefully staircase when I’m earning a lot more money. Good luck!I am an Independent Financial Adviser (IFA). Any posts on here are for information and discussion purposes only and should not be seen as financial advice.0
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For my sister it's great as they can only borrow £100k which with the deposit amounts to the 40% share. Without SO they would never get a house.
Also once they move in and start paying the rent element, UC can be claimed to cover it due to their low incomes and now no savings. They will actually be £700 better off a month by buying their house than renting due to all the above.
You need to look at your circumstances and then decide if it works for you.0
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