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Ok ABetaDad, you seem like you know a lot

(7 Posts)
saramoon Wed 22-Jul-09 15:31:19

Can you give me some advice as i am even thinking about shared ownership now and would never have considered doing that a few weeks ago. Please tell me in block capitals not to do it. Have been posting on here on and off for a few months (moaning generally) about not being able to get onto the ladder. Was working abroad for a few years is my excuse! Anyway key worker scheme has just fallen through as funding is gone and i can't see any other way of buying. We live in a lovely area in a rented house - bit rough round the edges but cheap - we both work but DH doesn't earn masses and i am part time lecturer. I suppose what i want to hear is don't worry, just keep on saving some money and you will be able to buy in a couple of years. Thing is i am 36 and surely it will get to a point where i am considered too old to get a mortgage? Sorry, just want some advice really and in all your posts you seem to know what you are talking about smile

saramoon Wed 22-Jul-09 16:54:29

ps I dont mean get on the ladder to buy something and sell again, I am not interested in that.

jeanjeannie Wed 22-Jul-09 18:14:22

Sorry, I'm not abetadad but my SIL bought a small house this way and I can't see the downside...well, not for her anyway. She's re-training to be a teacher - certainly not loaded and she's got a lovely place. It's through the Nottinghill housing and it's in a nice part of Berkshire. I know that's no actually help but just wanted you to know she's thrilled with it!

lalalonglegs Wed 22-Jul-09 19:48:41

Most shared ownership schemes seem to be for extremely overvalued new-builds - friend has just dropped out of buying one as, without min 20% deposit, best mortgage was 7.89%...

AppleandMosesMummy Wed 22-Jul-09 20:24:10

My mother got her first mortgage on her own at the age of 46, you are in no rush.

LadyThompson Thu 23-Jul-09 12:29:03

Depends when you think you might want to retire.

What Lala says about overvalued new builds certainly seems to be true in London but may differ elsewhere.

Personally, I would save like demons for two or three years and see where you are then.

saramoon Thu 23-Jul-09 13:49:43

Thanks all, i think we have no choice but to save and see what happens. I think the funding thing has got to me a bit as we were planning to buy when we had enough money together for the solicitor's fees and stuff but we took too long doing that i guess. And a guy came round the other day to fix one of our windows and thought it was very unusual that someone professional like me was living in rented accommodation. I just felt a bit embarrassed really which i KNOW i shouldn't have but i did.

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