Shared Ownership vs. Renting vs. Moving back with Mum!

Rabiddog_2

Isn't everyone missing something? (unless I am completely missing something) shared ownership mortgage on 25% and RENT payable on other 75%.
My take is that you should look at the flat, and if its somewhere you wish to live, and you believe you can afford, NOW, then go for it. There are a few other issues besides the straightforward ones of value. Take the affordability, you state you can barely afford £800, that leaves no room for emergencys or rate increases. Have you looked into the situation regarding what you would get in benefits if you were to be unemployed? I don't believe prices will drop much more than 15%. Factor in how much happier you will be in a larger nicer apartment. If you do get a reasonable paying job you could pay off the mortgage quicker (less than 5yrs?) rather than stepping up your owned percentage. Crucial really is if you think the property is overpriced, vastly overpriced or reasonable value.

cozlw

Just to add my tuppence worth, im no expert, but I would go for SO. Your a married couple and dont know about you but im single and living with parents at the moment and its a nightmare. Yes they both go out, work etc, but there is no privacy by just KNOWING that they are due home. It difficult to relax and having lived with a partner in the past I am now very keen to have my own space again.

I think that at 25% you should go for it. Im in a similar predicament and am buying at 50%, Im not advising simply for those reasons but I have literally thought of every possible scenario and this was the best route available.