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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To sell my home and buy a shared ownership one??

37 replies

ohnoohnoohnoohno · 14/01/2024 10:54

I'm a single parent to 2 DC aged 10y & 8y. After my divorce I bought a small semi detached for us. However whilst I haven't got in arrears I'm accumulating debt and struggling to keep afloat.

AIBU to sell this home and buy a shared ownership? I can use the equity from my house sale to clear debts and put down a good deposit. I'd own approx 35% off the new house (which would be bigger). I'd have no mortgage and universal credit will pay the rent element. I work but in a low paid NHS job. I would have more disposable income and could save to buy more of the property in the future.

Does it sound too good to be true??

OP posts:
Youcannotbeseriousreally · 04/04/2024 14:36

When I got divorce several different people ( solicitor , mortgage advisor, financial advisor) all advised against shared ownership, many here worked out more than my mortgage too with the rent and the lending combined. If you’ve got a deposit then better to just buy.

I wouldn’t do it. Could you downsize on another properly yourself ?

AGodawfulsmallaffair · 04/04/2024 14:33

To go against the flow, I would only do this as a last resort. I haven’t heard of many people who have ended up owning all of a shared ownership and they are hard to sell on. If it’s at all possible I think it would be better to sell and buy smaller, it doesn’t have to be forever. I have had to do this, so do understand it’s hard.

daffbloom · 04/04/2024 14:24

Don't hesitate. I'd do it if I were you.

Trickymaths · 04/04/2024 14:16

@ohnoohnoohnoohno I spotted your thread linked at the bottom of a similar one I posted. I wonder did you look any further into this?

sunshinesupermum · 14/01/2024 11:37

If it gets you out of debt and keeps you on the housing ladder I'd go for it. Just make sure you can afford the increase in rent each year and know that the cost of any repairs in future will be your responsibility and you may also have to pay service charges I think so check you have enough in your budget each month to cover these. Good luck 🤞

SleepingMermaid · 14/01/2024 11:33

It sounds like your current situation is not tenable and you're getting deeper into debt, so you are not unreasonable to find an alternative. Can you increase your income enough to get you out of debt?

Original poster
ohnoohnoohnoohno · 14/01/2024 11:28

BassoContinuo · 14/01/2024 10:59

Would they let you buy without a mortgage? A lot of shared ownership around here insist that you buy the largest share they consider you can afford.

I'm not sure. Definitely something to consider. I can pay the minimum deposit which is 35% with my equity.

OP posts:
Crikeyalmighty · 14/01/2024 10:59

Yes I would do it.

BassoContinuo · 14/01/2024 10:59

Would they let you buy without a mortgage? A lot of shared ownership around here insist that you buy the largest share they consider you can afford.

Original poster
ohnoohnoohnoohno · 14/01/2024 10:56

MooseAndSquirrelLoveFlannel · 14/01/2024 10:55

A lot of shared ownership are for first time buyers only.

Yes but not these ones. It says as long as you are SSTC you can apply.

OP posts:
MooseAndSquirrelLoveFlannel · 14/01/2024 10:55

A lot of shared ownership are for first time buyers only.