Anyone have a shared ownership home?

[polo_princess]

Anyone on here have one of these? Im looking into one for £95,000 which will give me 50%.

If you have one what is your mortgage and rent value? What kind of mortgage did you get and did you pay a deposit?

Im not really sure on how a shared ownership mortgage works ...

 

[kaylynn040485]

My sister used to have 50% shared ownership in her first flat. She did pay a deposit but it was half as she only owned 50% and normally after a certain number of years u get the opportunity to purchase more % of the property, my sister ended up with full owbership which suited her as to begin with she didnt have the finance with it being her first flat but by the time came she was more financially stable and could afford to fully own the property. My sis had a self cert mortgage as she hadnt been long working after leaving school and couldnt provide a good enough financial record but have no idea what its like no with the market being what it is. Kx

 

[aly888]

A couple of friends were looking at doing this last year (but ended up with 100% mortgage and losing ££££'s between them when they sold up ). It looks like a really good way of getting into a house of your own, and with £95k at 50% it sounds like you would get a nice place with that
From what I understand though it gets complicated when you want to move on, unless you buy the remaining %. You either sell your % back to the company who co-own with you; sell the place on as a 50% share; or buy the remaining % to sell on the entire property!
Plus, I'm not sure what "rules" there are in place to stop the co-owners from increasing your rent as time goes on!!

 

[Blah11]

I do.. sorta. Its not shared ownership as such, we got a grant from a council run shared equity scheme. Its our house so we don't pay them rent or anything, they just paid our mortgage deposit + a little bit more. When we sell up, we give them back their %, it's 70/30 to us In a couple of years we'll probably buy the remainder from them.

 

[luvbunsazzle]

i do shared ownership and i know kerry does to.
I didnt pay a deposit, not that i can remember anyway.
We own a 50% share in our flat, so we have a mortgage for £65000, and we pay rent on the remaining 50%. Overall we pay around the £550 per month mark for ours, it's 3 bedroom, 3 bathroom, and massive, but the downside of being a flat.

 

[ChloesMummy]

I have never heard of these before, can anybody get this or is it income based? We are in the process of buying now.

 

[aly888]

I have never heard of these before, can anybody get this or is it income based? We are in the process of buying now.

it's not available nationwide yet. I think Milton Keynes was the first place to start doing it around here but more and more places are jumping on the band-wagon now. it is a good scheme though, mostly aimed at first time buyers but anyone can do it!!

 

[jlosomerset]

We had one a couple of years ago, a 50% share in a house and paid rent on the reamining 50%, we also had to pay a standing charge to the housing association who cut the grass to communal areas.

Selling our share was really easy, we had to have a independent valuation and then we had to offer it back to the housing association for 30 days to see if they could sell the share, they basically posted out leaflets with a photo of our house to anyone on their list and we had about 6 viewings, each person that was interested had to submit forms to the housing association with proof of affordability and the housing association decided who could have it. We were moved on within 3 months.

I, personally, think they are a really good idea and with the prospect that house prices will start to rise again now would seem a good time to buy your share plus with interest rates been low. At the time we had a 100% mortgage although I believe that you wouldnt be able to get this now and would need a deposit. HSBC definately were lending on shared ownership at that time, I believe Halifax and Nationwide do too.

Good luck x

 

[flutterbylge]

hi,

we recently bought our house, and we were looking into shared ownership. sharetobuy.com is a really good website, it specializes on shared ownership mortgages. I think they are a good idea as well if you can afford it, we just wanted the peace of mind of owning the whole house thats why went for a full mortgage on a cheaper house. good luck xx

 

[toffee87]

I just want to bump this thread. It sounds like an excellent plan!

A friend of mine has just got a house where the company paid 25% and she pad the remainder in a mortgage, but she has to pay the 25% over ten years, or sell/remortgage at the end. I think that the shared ownership plan sounds better, as you can increase your ownership % over the years, or from what I've read I think you can? rather than owing them in 10 years time, it sounds more flexible, well long term?

Has anyone else done this scheme?