Shared ownership is this the best move.

elsien

I would also add that you don’t need a four bedroom house. Yes, it’s a nice to have for children to have their own room but it’s not essential. 

simon_grimshaw

_Penny_Dreadful said:

simon_grimshaw said:

Basically you lose the housing benefit off UC.
The rent gets covered in shared ownership 
even if increases.
The thing is i cant afford a house of decent size and area with a family 5.

i know absolutely buying a  house is better overall.
But am struggling to see it here.

Shared Ownership can work but like with all home buying schemes you need an exit strategy.

Would you eventually staircase to 100% or would you keep your share at 25%?

Have you checked the family will be entitled to the same amount of universal credit if you purchase a shared ownership property?  

What happens when the children are older and the amount of universal credit reduces or a future government decides to muck around with benefits again?

What is your plan for retirement?  How would you cover the rent?

What do you consider a decent sized home for a family of 5? Most of us compromise on our first and even second and third homes based on budget, size and location.

Yeah i would just stick to the 25%.
smash that off in 10 years. So will just have the rent. 

Yeah i have checked shared ownership rent gets covered  on UC  only the service charges doesnt.
its different to private renting as your subjected to local housing rate.

Retirement you get housing benefit towards the rent.

Decent size home would be 1 big bedroom so my 2 kids can share
an average size 1 for me n wife.
 A decent third for my youngest.

simon_grimshaw

Yeah i agree 4 is not essential. But theres not much difference in price on the shared ownership scheme.

Emmia

simon_grimshaw said:

_Penny_Dreadful said:

simon_grimshaw said:

Basically you lose the housing benefit off UC.
The rent gets covered in shared ownership 
even if increases.
The thing is i cant afford a house of decent size and area with a family 5.

i know absolutely buying a  house is better overall.
But am struggling to see it here.

Shared Ownership can work but like with all home buying schemes you need an exit strategy.

Would you eventually staircase to 100% or would you keep your share at 25%?

Have you checked the family will be entitled to the same amount of universal credit if you purchase a shared ownership property?  

What happens when the children are older and the amount of universal credit reduces or a future government decides to muck around with benefits again?

What is your plan for retirement?  How would you cover the rent?

What do you consider a decent sized home for a family of 5? Most of us compromise on our first and even second and third homes based on budget, size and location.

Yeah i would just stick to the 25%.
smash that off in 10 years. So will just have the rent. 

Yeah i have checked shared ownership rent gets covered  on UC  only the service charges doesnt.
its different to private renting as your subjected to local housing rate.

Retirement you get housing benefit towards the rent.

Decent size home would be 1 big bedroom so my 2 kids can share
an average size 1 for me n wife.
 A decent third for my youngest.

SO Rents currently get covered  on UC. That is something that a government could change in future, as part of a strategic move to get people into work. e.g. a percentage is covered or up to a certain value.

Myci85

Look into the service charge element too, as that can rise quite quickly in some estates. It is harder buying your first house when you've got children so you can't start off with a tiny 1 or 2 bed and work your way up. We had that when we bought just over a year ago. Tbh we did explore shared ownership and I think if it was the choice between that or moving to a new rental we might have done it, but if you are able to stay in your current home for now, I'd honestly delay a move a bit longer, keep saving, and see what you're able to do in a few years time. We were in the situation we were being evicted, but thankfully our landlady gave us over 2 years in which time we were able to save enough to buy a house fully. My partner was 42 when we bought, and we were able to get a mortgage over 33 years (hoping to be able to reduce that in time) so don't panic too much about your age. 

simon_grimshaw

Myci85 said:

Look into the service charge element too, as that can rise quite quickly in some estates. It is harder buying your first house when you've got children so you can't start off with a tiny 1 or 2 bed and work your way up. We had that when we bought just over a year ago. Tbh we did explore shared ownership and I think if it was the choice between that or moving to a new rental we might have done it, but if you are able to stay in your current home for now, I'd honestly delay a move a bit longer, keep saving, and see what you're able to do in a few years time. We were in the situation we were being evicted, but thankfully our landlady gave us over 2 years in which time we were able to save enough to buy a house fully. My partner was 42 when we bought, and we were able to get a mortgage over 33 years (hoping to be able to reduce that in time) so don't panic too much about your age. 

Thanks for that.
So a bit more info on my situation we have 3 kids 8,9 and 1
my eldest is autistic and need his own room.
But in all honestly were sik of moving , we
just want 1 house now for rest of our lives.
With the house prices as they are , part of me
Doesnt want to be taking on a huge mortgage til  i am 70 plus.

simon_grimshaw

Emmia said:

simon_grimshaw said:

_Penny_Dreadful said:

simon_grimshaw said:

Basically you lose the housing benefit off UC.
The rent gets covered in shared ownership 
even if increases.
The thing is i cant afford a house of decent size and area with a family 5.

i know absolutely buying a  house is better overall.
But am struggling to see it here.

Shared Ownership can work but like with all home buying schemes you need an exit strategy.

Would you eventually staircase to 100% or would you keep your share at 25%?

Have you checked the family will be entitled to the same amount of universal credit if you purchase a shared ownership property?  

What happens when the children are older and the amount of universal credit reduces or a future government decides to muck around with benefits again?

What is your plan for retirement?  How would you cover the rent?

What do you consider a decent sized home for a family of 5? Most of us compromise on our first and even second and third homes based on budget, size and location.

Yeah i would just stick to the 25%.
smash that off in 10 years. So will just have the rent. 

Yeah i have checked shared ownership rent gets covered  on UC  only the service charges doesnt.
its different to private renting as your subjected to local housing rate.

Retirement you get housing benefit towards the rent.

Decent size home would be 1 big bedroom so my 2 kids can share
an average size 1 for me n wife.
 A decent third for my youngest.

SO Rents currently get covered  on UC. That is something that a government could change in future, as part of a strategic move to get people into work. e.g. a percentage is covered or up to a certain value.

This wont change its the same with housing benefit. It may get capped like it is with private renting but not stopped

Emmia

simon_grimshaw said:

Emmia said:

simon_grimshaw said:

_Penny_Dreadful said:

simon_grimshaw said:

Basically you lose the housing benefit off UC.
The rent gets covered in shared ownership 
even if increases.
The thing is i cant afford a house of decent size and area with a family 5.

i know absolutely buying a  house is better overall.
But am struggling to see it here.

Shared Ownership can work but like with all home buying schemes you need an exit strategy.

Would you eventually staircase to 100% or would you keep your share at 25%?

Have you checked the family will be entitled to the same amount of universal credit if you purchase a shared ownership property?  

What happens when the children are older and the amount of universal credit reduces or a future government decides to muck around with benefits again?

What is your plan for retirement?  How would you cover the rent?

What do you consider a decent sized home for a family of 5? Most of us compromise on our first and even second and third homes based on budget, size and location.

Yeah i would just stick to the 25%.
smash that off in 10 years. So will just have the rent. 

Yeah i have checked shared ownership rent gets covered  on UC  only the service charges doesn't.
its different to private renting as your subjected to local housing rate.

Retirement you get housing benefit towards the rent.

Decent size home would be 1 big bedroom so my 2 kids can share
an average size 1 for me n wife.
 A decent third for my youngest.

SO Rents currently get covered  on UC. That is something that a government could change in future, as part of a strategic move to get people into work. e.g. a percentage is covered or up to a certain value.

This wont change its the same with housing benefit. It may get capped like it is with private renting but not stopped

That's a gamble you're taking. The decisions of governments yesterday or today do not bind the governments of tomorrow.

I hope that the intention is your wife returns to the workforce at some point.

simon_grimshaw

Probably but she has alot on.
shes non stop. Also very difficult as i work 60 hours per week 

ExEstateAgent

Given your situation perhaps SO is a good option then, the benefit being a secure home rather than home ownership. Just check the sums carefully and bear in mind the fact that you will be responsible for all maintenance costs.