Renting judgements please help!

Myci85

Highly recommend posting your circumstances with regards income, debt, defaults etc on the mortgage board on here, there are mortgage brokers who post on there who may be able to give you a vague idea if it's even worth considering. 

I know lots of people have only bad things to say about shared ownership, but I think I would consider it in your situation. Just go in eyes wide open as to the downsides. But as someone else pointed out, you would be able to still claim housing element of UC to help pay the rent part of a SO, which you can't do with a full mortgage. 

Loopylottie22

Myci85 said:

Highly recommend posting your circumstances with regards income, debt, defaults etc on the mortgage board on here, there are mortgage brokers who post on there who may be able to give you a vague idea if it's even worth considering. 

I know lots of people have only bad things to say about shared ownership, but I think I would consider it in your situation. Just go in eyes wide open as to the downsides. But as someone else pointed out, you would be able to still claim housing element of UC to help pay the rent part of a SO, which you can't do with a full mortgage. 

That’s a really good idea! I actually didn’t know UC would help towards the rent part! Thank you ever so much! 

teaselMay

It is worth investigating, I hadn't realised it was possible just on benefits until last September when I started frantically saving to try to use the scheme. I'd always been aiming to buy 10% because that felt comfortable and I doubted anyone would lend me more anyway. It was only a couple of weeks ago, whilst driving to view a house, that I discovered I can probably only get a mortgage on at least 25%, which seemed impossible. But, looks as though it's going ahead and having spent a lot of time checking and rechecking numbers it does seem sensible as well as doable

Myci85

There are downsides for sure compared with buying a full house, as many people will point out, but if buying in full isn't an option, shared ownership gives you more security than renting which is so important when you've a family. 
We considered it when our landlady of 15 years gave us notice as we knew if we went into another rental we'd never be able to buy as rents had gone up so much. And for us the combined rent and mortgage amounts would have been less than most rents were. In the end we were lucky to be able to buy a place in full. I would recommend making sure its one you can eventually staircase to 100% ownership as I feel that would make it easier to sell one day. 

Loopylottie22

This is what I’m dealing with! 

Loopylottie22

Loopylottie22 said:

This is what I’m dealing with! 

Won’t let me attach a screenshot so I’ll paste the email I’ve just received ;

Hi Charlotte, 

Unfortunately we do not have anything else at the moment, a lot of our landlords are not willing to accept DSS or benefits and they are looking for someone who is working full time. I will let you know if anything else becomes available.

Kind Regards 

Veronica Brown Lettings Consultant

teaselMay

Most of those I tried just didn't reply!