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General Chat Thread, Shared Ownership Housing in General; Hi All looking into moving in with my other half this year, we dont have enough money for a deposit ...
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    Tesla's Avatar
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    Shared Ownership Housing

    Hi All

    looking into moving in with my other half this year, we dont have enough money for a deposit on a mortgage (currently have ~2k in a savings account), but we dont want to be stuck paying rent for the rest of our lives. Is Shared ownership the way to go? We are looking to do it in the summer hopefully, as i get a pay rise in effect as of 1st April
    @Little-Miss i notice you started a thread on this a few years ago, any advice you can throw my way? did you go through with it?

    Also as a side note, as i work in education can that qualify as being a key worker?

    Look forward to hearing on thoughts.

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    I'm still renting.

    It just didn't seem worth it when i looked into it and haven't looked any more into it since. So, sorry can't help.

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    zag
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    Quote Originally Posted by Tesla View Post
    Hi All

    looking into moving in with my other half this year, we dont have enough money for a deposit on a mortgage (currently have ~2k in a savings account), but we dont want to be stuck paying rent for the rest of our lives. Is Shared ownership the way to go? We are looking to do it in the summer hopefully, as i get a pay rise in effect as of 1st April
    @Little-Miss i notice you started a thread on this a few years ago, any advice you can throw my way? did you go through with it?

    Also as a side note, as i work in education can that qualify as being a key worker?

    Look forward to hearing on thoughts.
    I've been in a shared ownership flat for 7 years now and love it but it does have some disadvantages. Its only really good if you can't get a mortgage for the total amount. You should still put down a 10% deposit on SO homes so keep saving hard.

    I'm just staircasing up (buying the outstanding 50%) and its costing me around 3k in fees and tax so thats the main disadvantage, it costs more in the long run. You also have to watch out for house price rises. I've been pretty lucky to own mine during a time when house prices have been pretty stable, but you loose out big time if the value goes up.

    Teachers qualify as a key worker, admin staff do not. But sometimes you can haggle with the housing association and they let you buy it anyway as I did
    Last edited by zag; 12th March 2014 at 03:31 PM.

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    Tesla's Avatar
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    cheers for that, i suppose at least working for the council to some degree may sway them against someone in similar circumstances that doesn't....

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    Personally, I wouldn't, my sister and her husband are stuck in a 40% shared ownership flat and they are proper stuck. The value they will get back from the sale, vs, the amount they are mortgaged for and the amount the housing association own means that they are unable to scrape together a deposit to get out and move somewhere larger, both to be closer his work and to consider starting a family.

    If they had done what my ex and I did, which was hand around at our respective parentals (and were encouraged by the parentals to do so) for 3 more years they would have been able to buy normally with a good deposit.

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    I'd keep saving and get on the help to buy scheme.

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    zag
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    The deposit is the most important thing.

    I put down a 25k deposit on my shared ownership place that I had managed to save over about 4 years. It really was worth it in the long run.

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    Schemes can be different, but usually the price of the house is set.

    If anyoen gets stuck in a shared ownership it is probably because they bought the house when the house was worth more and now it only worth enough to wipe their face so to speak. Well that is the same for everyone else int he world, shared ownership or not, you have just as much chance of beign stuck in the shared ownership as being in negative equity etc on a normal house.

    Just remember housing should be a long term plan, and you can't rely on living somewhere and then the cash from the house being enough for you next deposit (as it seems Oaktech sister's issue is), as she only gets half the increased value for example. However, house prices go up faster then savings rates (in most places) and if you intend to live there for 5 years or more and still save a little on the side then it will be the right thing to do.

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