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  • FIRST POST
    • nareik88
    • By nareik88 31st Dec 17, 4:05 PM
    • 3Posts
    • 0Thanks
    nareik88
    Help to buy mortgage??
    • #1
    • 31st Dec 17, 4:05 PM
    Help to buy mortgage?? 31st Dec 17 at 4:05 PM
    I am currently saving for my first home and have roughly 5k. I currently rent with my wife and pay 700pm.

    I am considering going for the help to buy scheme as its going to take far to long to save the huge deposit required for non help to buy.

    My question is, should i go for shared ownership which i can do sooner, or save for longer and go for the equity loan option and own the whole property.

    I would prefer to own the whole property but i am more pushed towards the shared ownership option as i am currently wasting money paying rent.

    Say it takes me another two years to save up enough for the equity loan option, that would be 16,800 i'd pay in rent. Or i got for the shared ownership which i can do a lot sooner.

    Am i looking at this correctly or would i be better of saving for longer?
    Last edited by nareik88; 02-01-2018 at 1:00 PM.
Page 1
    • madders1990
    • By madders1990 2nd Jan 18, 8:45 PM
    • 3 Posts
    • 1 Thanks
    madders1990
    • #2
    • 2nd Jan 18, 8:45 PM
    • #2
    • 2nd Jan 18, 8:45 PM
    Personally I'd speak to a mortgage broker. They can give you financial advice based on your current financial position.
    • ViolaLass
    • By ViolaLass 2nd Jan 18, 9:02 PM
    • 5,389 Posts
    • 7,446 Thanks
    ViolaLass
    • #3
    • 2nd Jan 18, 9:02 PM
    • #3
    • 2nd Jan 18, 9:02 PM
    What does your wife think?
    • nareik88
    • By nareik88 2nd Jan 18, 9:56 PM
    • 3 Posts
    • 0 Thanks
    nareik88
    • #4
    • 2nd Jan 18, 9:56 PM
    • #4
    • 2nd Jan 18, 9:56 PM
    My Wife's in the same boat as me, have a plan, but not sure if its the right one. Looking for someone who's maybe been in a similar experience and can advise on the best course of action.
    • Littleladie
    • By Littleladie 2nd Jan 18, 11:19 PM
    • 28 Posts
    • 13 Thanks
    Littleladie
    • #5
    • 2nd Jan 18, 11:19 PM
    • #5
    • 2nd Jan 18, 11:19 PM
    We have just bought a shared ownership (well we are still in the process of!) as it was our only way on to the ladder really.
    We are buying 65% which is way more than we thought we would be able to get!
    So far so good. We researched a lot (I found a lot of negativity with Shared ownership on these boards from people who have never been in the scheme), asked around, and it seemed like a good option for us. It isn't for everybody, but keep an open mind and really think what you want and when. We have the option to staircase to 100% so we will own the home at some point which we liked!
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