Would it be a big mistake to buy a house on a part ownership scheme?

[MoomieAndFreddie]

Me, DH and our 2 dc are Currently in housing association in a dreadful area. Really dreadful. I am really unhappy and worry about the long term prospects both with being in rented and also the bad area affecting the DC as they get bigger. they are only 3 and 6 at the moment. On the plus side though, as the rent is very cheap (well, compared to market rates anyway) we have a reasonable standard of living. and because we are in a secure tenancy we have decorated the place really nicely and it is a really nice house.

I would dearly love to buy, but the only option I can see that would be affordable to us would be one of those part ownership schemes. We will have to make a decision soon as DH is getting on a bit tbh (in terms of house buying) - he is 41. I am only 33 but it would probably have to be just in his name as I am not working and haven't really since DC1

I know a lot of people are very sceptical about these, but wondered if anyone has any advice for us, maybe have done it themselves or know someone who has. or equally, any horror stories welcome as well

I am not working at the moment but DH is. we haven't got great credit histories and next to no savings, well, we have a couple of grand. but on the plus side we have no debts. DH earns 25k roughly. I am also wondering if buying is the be all and end all anyway, tbh I feel under pressure from my parents, family and friends who are a bit sniffy as we "haven't bought yet" and also feel like people judge us for the area we live in.

anyway I have rambled but any words of wisdom will be greatly received.

It would be a big mistake to buy a house when the market is a big bubble that can only deflate, whether that happens quickly or excruciatingly slowly over the next 25 years.
Keep saving and improve your credit rating so that you might be in with a better chance of buying if the market ever gets back to normal.

Blazer, someone else started a thread about buying a house in AIBU

here

so why is mine any different?

thanks for those who have given me helpful advice though

thats in the wrong place too.

Moomie, maybe next time put it in Chat - no one could argue that this isn't suitable for the Chat topic and there is still a lot of traffic there

Thank you Bossy, that is an option. But to be honest, even though we really want to buy a house, we're lucky in that here we have a sitting room and kitchen (my dad rarely cooks) to ourselves, so it's not too difficult. So rather than sink money into another rental (we've rented two flats and a house, before we had DS) I don't think there'll be another opportunity to save as big a chunk of our incomings for a deposit as we can now.

My sensible head says, if we can stick it out for a bit longer, I think it will be worth it. I feel we're lucky to have the option, in a way, despite the fact that, y'know, we live with my dad... :)

The terms of the schemes vary hugely. Some are really generous to the buyer and others are horrendous. We just sold ours and it worked well for us. But, it doesn't sound like you have enough savings at the moment. Can you swap your house for another one if you want to change area?