Divorced and shared ownership

[Blueskies9]

i Got divorced 4 years ago and the court said I could stay in the marital home but I cover the mortgage bills and upkeep until it’s sold when my ds is 18. I’m thinking about my future and I want a house I can call my own. As house prices are dropping I won’t be able to buy anything except a 1 bedroom flat with my share of the house. I am thinking of a shared ownership house and I would try and purchase 100% over time. Does anyone have any experience or have a shared ownership house and should I do it? I can’t get a mortgage because I have poor credit.

Try to buy out your ex's share and stay in your current house. Dropping house prices is good for you.

I wish I could buy him out but I can’t get a mortgage so I need the money from the house sale to get my own house.

I’m in a shared ownership house, but I still need a mortgage for the share I ‘own’, and would need to for any future ‘steps’. Or are you thinking you’d use the proceeds from your half to buy a share?

there were affordability checks and an upper financial limit (can’t recall if it was salary or savings offhand) for eligibility.

I like it because it gives me more stability than renting, but not sure how it is any better for you than your current situation? Ie you still pay mortgage, maintenance and bills, you still have to buy out the other person/housing association if you need to own more. Also you have to pay rent on the share you don’t own…

Or you could improve your credit score. I had to build mine from practically zero when I split up with ExH.
I started with a Dyson from John Lewis on 0% finance or something like that, I took a credit card for purchases, that I paid every month in full. We’re not talking huge amounts, the most I ever put on a credit card (and it was a 0% interest for 36 months) was £3,000, I bought furniture for my new place. But I started with that Dyson for a couple of hundreds.

I never had a loan, credit card or anything before I split up with him, his name was on everything.

Or if you both agree,you will pay rent on his share of the house. If he isn't desperate for money now, it's an investment from his point of view. Like BTL.
Perhaps in 10-20 years the the house may be double in price. Perhaps you'll be able to buy him out at some point. You may get married again . Many changes can happen.

exh wants to sell as soon as he can so I can’t stay longer. Ds is 18 in 4 years so I would prefer to leave on my terms and not his.

You still have 4 years. No urgency here .

OP, send me PM if you don't want to divulge more info here. It depends where you are in the UK. House prices vary widely. It's possible you can share with another person rather than with a housing association. It's possible to stay in your current house if you like it. It's even possible that you don't pay mortgage and you don't pay rent ever and still have a house. There are options,but I have to know more details, so best in PM.

I'm a massage therapist as the name suggests but I mainly work in legal/finance so I do have working knowledge on the subject.

Best wishes in any event!