It’s a good thing in that it helps you get onto the property ladder. When you come to sell the issues happen. So you can’t accept an offer lower than the price for the house that they set so you couldn’t get a quick sell. Also they have time limits in which you needed to have sold by or you have to get a resurvey.Does any have any experience of Help To Buy and the good or bad experiences of that?
Why is it a nightmare to sell SO? What’s the process?I work in property and deal with SO daily.
Basically the only time I would ever recommend it is if you have a large family and need 3-4 bedrooms but can never save the deposit required for such a sized house. So therefore you could save a 10% deposit for that part of the mortgage. Overall you will pay more as you pay your mortgage (and its interest alone) plus your rent. Plus they are leasehold- don’t get me started. Plus selling them is a nightmare!
All in all I would either save more and have a bigger deposit or look for a cheaper place! It’s a con.
Often you can only sell it to people who meet the criteria etc. So you cant just sell it to the open market.Why is it a nightmare to sell SO? What’s the process?
This is really the only thing I’ve heard so far that puts me off! Monthly, we could afford a “normal mortgage” - our struggle will be getting a big enough mortgage. Even with a fairly reasonable deposit I think we’d still struggle to get anyone to lend enough. Even 2 beds are around £220kDon't have experience of shared ownership unfortunately, but it was something we were looking at when buying.
We did find that the mortgage/rent came to a lot more than just a mortgage in our situation, so it's worth looking around. Obviously shared ownership houses were typically nicer/larger, but we are not looking to stay in our first home forever. We're in Kent
Where are you and what sort of deposit do you have? If you don't mind me asking. I am not profesh in mortgage speak so can only speak from experienceThis is really the only thing I’ve heard so far that puts me off! Monthly, we could afford a “normal mortgage” - our struggle will be getting a big enough mortgage. Even with a fairly reasonable deposit I think we’d still struggle to get anyone to lend enough. Even 2 beds are around £220k
No not at all! I really appreciate any help as neither of us have THAT much knowledge of buying/mortgages etc. We’re in Kent (looking to buy in the Medway area) & by the time we’re ready to move we’d probably have around £30k for a deposit. Hopefully more (partner should be due a pay rise soon, fingers crossed!), but that’s roughly what we’re thinking at the moment. Thank you in advance for any insight!Where are you and what sort of deposit do you have? If you don't mind me asking. I am not profesh in mortgage speak so can only speak from experience
That's funny, because I am in the Medway area!!No not at all! I really appreciate any help as neither of us have THAT much knowledge of buying/mortgages etc. We’re in Kent (looking to buy in the Medway area) & by the time we’re ready to move we’d probably have around £30k for a deposit. Hopefully more (partner should be due a pay rise soon, fingers crossed!), but that’s roughly what we’re thinking at the moment. Thank you in advance for any insight!
Ah that’s really good to know! I would be so happy with £525 a month, anything less than or the same as our rent would be fab. It’s frustrating because we pay £850 pm rent, so I’m sure that monthly we’d be able to afford a mortgage. Ideally we’d like a 3 bed but a 2 bed would be fine for now. My main worry is that I don’t earn a lot so we’re mainly relying on my partner & what he’d be able to borrow.That's funny, because I am in the Medway area!!
We bought a £192,500 2-bed house with a 40K deposit a couple of years ago. Our mortgage is £525 per month for 5 years and then goes up by about £150 (we will probably look to move around then as will have more equity)
So, I think you'll definitely be able to afford it. I found going to a mortgage advisor really helpfulWe went to Rosie at Your Move in Chatham
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