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Original poster

Anyone bought on a shared ownership basis to get on propert ladder ?

17 replies

motherearth · 15/02/2004 23:34

Has anyone ever bought on a shared ownership basis as a means of getting on the property ladder.If so would love to hear your comments.

OP posts:

Original poster

motherearth · 15/02/2004 23:35

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nutcracker · 15/02/2004 23:39

Sorry no. I think it is meant to be a good way of getting on property ladder though, as you can eventually buy a bigger percentage of the property until you own it all.

Epigirl · 15/02/2004 23:40

My brother did. He bought with a friend in early 2002 and his girlfriend has recently bought the friend out, IYSWIM. db and friend bought specifically as they couldn't afford to buy by themselves and said they would stay at the flat for 2 years and then rethink, which they did and friend decided to sell out to db's girlfriend at this time and move to another flat. They had a legal agreement drawn up, had the best time, are still the best of mates and all has gone smoothly.

HTH

nutcracker · 15/02/2004 23:43

Sorry Motherearth, i thought you meant, shared ownership with a H/A, not another person.

Epigirl · 15/02/2004 23:43

Maybe it was me who got the wrong end of the stick...!!!

Original poster

motherearth · 15/02/2004 23:45

Nutcracker-i did.

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Epigirl · 15/02/2004 23:45

Sorry!

nutcracker · 15/02/2004 23:57

We did try to get a mortgage for a shared ownership house once but couldn't get a mortgage. Only thing is, is that i think you still pay quite alot of rent along side the mortgage. Are you with a housing association now ????

prettycandles · 16/02/2004 14:19

My sister's in the process of doing this. What do you want to know? I'll ask her.

Original poster

motherearth · 16/02/2004 18:52

Hi,mainly want to know how the mortgage application goes.Do high street banks offer shared ownership mortgages ect ?
Any advice appreciated.And yes we are in a HA house now.We lost our house after my dh was made redundant twice in 12 months and were given this house to sort ourselves out.Trouble is the house prices have soared and we are desparate to get back on the housing ladder.We both have good jobs and some savings, but a poor debt history because of what happened in the past

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BadHair · 16/02/2004 19:07

I'm pretty sure the big banks and building socs do these mortgages.
We looked into shared ownership when ds1 was born when we were in London, as it was the only hope we had of getting a place of our own, but the HA we applied to told us we had no chance as we were both working and on paper our salaries looked good (although in reality they were crap). I think the waiting lists are enormous for these places.
Sorry, don't mean to sound discouraging but I think you have to be really lucky to get one of these places, although it might vary depending on where you live.

prettycandles · 17/02/2004 14:57

Sorry, can't help on that because she's not getting a mortgage, it'll be a 'private loan' via our families. But it really does seemt to be a bit of a lottery whether you're accepted and what properties will be offered. She viewed several which were utterly appalling, and apparently was only allowed one viewing of each property.

Fizog · 17/02/2004 15:01

MotherEarth - Housing Association Shared Ownership is really big in our area. I've looked into it a bit and have a few friends who are shared ownership. I will try and help - what would you like to know?

BadHair · 17/02/2004 15:03

motherearth - where abouts are you? If you're in London or the SE I can give you the details of the HA we went through, they have places all over the SE I believe. Can't remember the name off the top of my head but I'll look it out later.
Not sure about the mortgage side of things but know someone in shared ownership so will ask him when I see him on Saturday. As far as I know the application was straightforward, but he did buy 6 years ago and the property market was a bit different then.

WSM · 17/02/2004 15:05

When we were selling our house last year I asked about these 50/50 houses, just to be nosey really. The estate agent said that they are SO hugely popular and get sold within days of being out on the market. It seems to be a great idea but you do have to be quick off the mark to get one here.

I would think that the big lenders do offer these mortgages, they'd be mad not to, TBH. Make a few enquiries, do a search on the net for appropriate lenders and check their rates against standard sole-ownership repayment mortgages.

WSM · 17/02/2004 15:08

I just googled 'shared ownership mortgages' and there are gazzilions of companies just gagging to lend you the cash !

Found this which might help you understand a bit more.

BadHair · 21/02/2004 15:19

Hi motherearth. If you're still there, i asked my friend about his mortgage and he had no problems - had the pick of the high street lenders. He went with Abbey National in the end. Apparently most lenders are happy with shared ownership as they know that if they have to do a reposession on your half of the property it would sell like a red hot cake.

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