Conway563
Member
Registered: 7th Jun 06
Location: Yate, Bristol
User status: Offline
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Went to see a mortgage advisor today to find out roughly what I should be earning in order to get a flat - £32k 
She basically said the only way I would be able to get my own place at the moment would be to look at shared ownership where I buy say 75% of the property and a company buys the other 25% with me paying them a small rent.
Just wondered if anybody had had experience of this type of scheme? Need to read up on it some more but it's always better to speak to someone that has been in this type of situation.
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Kathryn W
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Registered: 12th Oct 03
Location: Widnes, Cheshire
User status: Offline
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Barratts are doing the scheme at the minute where you buy 75% of the property, and you have to pay the 25% back after 10 years at the price of the value the house is worth at the time.
Could earn some profit if your selling soon ater, although can easily loose out.
Shared ownership where you rent aswell as pay the mortgage are good... Especially to get you in your own home. Some people think negative because in the long run you end up paying a lot back. Rent isn' normally to much though. You also have the upper hand of the property which is good, as in rental properties you cant domuch.
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Dave M
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Registered: 21st May 03
Location: Rainham, Kent
User status: Offline
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ive got a shared ownership house under a housing organisation called Tower homes.
only way i could get on the ladder, got a 2 bed house valued at 140k and i own 55% of it. 77k morgage. and rent the other 45%.
be careful if your looking at flats. because the monthly rent will be much higher than houses. due to the fact of service charges etc.
i didnt have a deposit for my morgage either, bank said i didnt need one.
also most morgage companys dont support shared ownership. i got mine through barclays woolwich. very helpfull.
hope this helps
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Conway563
Member
Registered: 7th Jun 06
Location: Yate, Bristol
User status: Offline
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Yeah that's great cheers. The flat I was looking at was a new build and after having a look round you can get a house for the same sort of price so think I'd probably end up going down that route.
Been told I can get a mortgage for about £90k so would be looking at buying about 55% of the property.
Yeah the mortgage advisor I saw yesterday said I wouldn't need a deposit so hopefully I'll be able to look into this seriously soon.
Just need to wait for my ex-wife to give me back the money she owes  and I'll have the money for costs.
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Dean_W
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Registered: 13th Dec 05
Location: Downham Market, Norfolk
User status: Offline
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I live in a shared ownership home. Same story, couldn't get a mortgage for enough to go on my own.
My house is worth 160K, I put a large deposit of 15K down and bought it for 140K (70K)
Mortgage is low, £300 per month, rent is £137. The payments that I pay each month are lower than a mortgage for 140K would have cost me.
Downsides are the money that the house gians in valuve are split between me and the housing association. Plus I can't go knocking walls through or building extensions.
For getting on the ladder it's a great scheme imo.
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MikeE
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Registered: 7th Mar 03
Location: Milton Keynes
User status: Offline
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same as Korsa c
my mortagage ive been approved for is through barclays woolwich, but only a 40% share but its a start, just waiting for the 2bed to be built still.
[Edited on 01-05-2008 by MikeE]
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Tomm R
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Registered: 19th Dec 06
Location: Bredhurst, Kent
User status: Offline
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my mum is currently selling up and going into a shared ownership scheme. I kow its not a very usefull post but thought i would share none the less!
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Nismo
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Registered: 12th Sep 02
User status: Offline
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Very good schemes, i live in a shared ownership home, and me and the misus are looking at getting a shared ownership as we just cant really afford to get anything in this area 
We will probally get a 50/50 buy spend 80K on 50% and rent the other 50%
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Conway563
Member
Registered: 7th Jun 06
Location: Yate, Bristol
User status: Offline
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Should hopefully find out what's going on jobwise this week so I can try and get all this moving on.
Fancy going on holiday 1st though to get away before all the stress really starts
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