Shared ownership is this the best move.

BungalowBel

simon_grimshaw said:

Yeah i am open to terraced but not seen one in the price range have a garden for the kids.

Private rent depresses me in retirement absolutely, trying to avoid this.
With shared you get alot more help as it stands.

Another factor what have not mentioned is im on a decent wage but i cant imagine doing these hours what i do in 15 years. Too demanding.
I work  5 x 11hours shifts with a 2hour commute.

Still unsure what to do but cant leave it much longer tbh with the age we are.

We had our terraced house for forty years.  It had a long (albeit narrow) back garden, we brought our son up in this house.  Still plenty of those around in the Midlands, where we live.  

I appreciate not all areas are the same, I would imagine some areas do not have gardens.  I know in the NE they quite often do not.

itsthelittlethings

People saying to buy a house, if OP is in London or SE they would barely be able to buy a one bed flat for 250k, that said I'm not sure how they are renting a 3 bed house in these areas for £1500/ monthly so something doesn't add up.

itsthelittlethings

OP, if you cut out family holidays for 10 years how much deposit could you save?

I agree house prices are ridiculous though.

simon_grimshaw

I live in Urmston manchester. 

10 years with no family holiday  absolutely not happening. My age  is not helping in my scenario. Even though im not old old, its old with the house prices way they are.

itsthelittlethings

I am seeing 165 properties in Manchester for £230k-£250k.

Edit - 3 bedroom.

sheramber

simon_grimshaw said:

There is no 25% deposit. Its 5% deposit of 25% stake.

Which is how much?

simon_grimshaw

You probably are. But not urmston

_Penny_Dreadful

You seem convinced that shared ownership is right for you and your family so go for it. 

Would I want to go into retirement owning 25% of the roof over my head whilst being responsible for 100% of the maintenance and hoping that UC will still be around to cover the rent on the other 75%, no but to each their own. Hopefully the extra money you’re diverting into your pension now to qualify for UC will be enough to cover your rent in retirement should a future government change the UC rules or replace it with something else or nothing at all. 

Myci85

Within 3 miles of Urmston there are currently 114 minimum 3 bed properties coming up for £250k or less. Within 1/2 mile there are still 17. Granted I don't know the area at all, but having recently been in your boat, we quickly realised that if we wanted to buy, we had to compromise and extend our search area. 

Regardless of the majority of responses telling you that buying 100% is probably doable, you seem to either be stuck in convincing yourself it's out of your reach, or you don't want to. If you really do want to buy 100%, be brave and open to the possibility that you can do it. You'll only do it if you change your mindset. If you'd prefer the SO option, then everyone is wasting their breath. 

itsthelittlethings

One thing to think about - I think it was this thread where you said you wouldn't want to bring your child up in council housing with the problems there can be. I live in shared ownership and we are in a block with housing association. I think there are council tenants in the next door block. We have some of the problems you are referring to (drugs mainly). But, you do you.