I am a single parent going through a divorce and the family home will soon be sold. I have an issue with how to house myself and my 3 children after, I can't afford a mortgage on my own for anything bigger than a 2 bed flat, I could rent but private rental is so expensive here and I would be looking at £1500 a month for a 3 bed house so my equity from the family home would disappear very quickly and I would no longer be able to claim universal credit to help with my childcare costs.
I'm now looking into shared ownership. There aren't many properties available near me and most are only 2 beds but have stumbled across 'Your home' by Heylo where you can purchase any second hand property on the open market as shared ownership. Heylo are a registered provider of social housing on the government website but they are a fire profit one so the rental rates are higher than for hosting association shared ownership. Does anyone know about the legalities of pursuant through someone like Heylo, I work what would happen if they went bust being a good profit company. Would my money be safe or could I loose the house I had purchased as shared ownership?
I worry I would be taking a massive risk but I don't really know what else to do