Ok ABetaDad, you seem like you know a lot

[saramoon]

Can you give me some advice as i am even thinking about shared ownership now and would never have considered doing that a few weeks ago. Please tell me in block capitals not to do it. Have been posting on here on and off for a few months (moaning generally) about not being able to get onto the ladder. Was working abroad for a few years is my excuse! Anyway key worker scheme has just fallen through as funding is gone and i can't see any other way of buying. We live in a lovely area in a rented house - bit rough round the edges but cheap - we both work but DH doesn't earn masses and i am part time lecturer. I suppose what i want to hear is don't worry, just keep on saving some money and you will be able to buy in a couple of years. Thing is i am 36 and surely it will get to a point where i am considered too old to get a mortgage? Sorry, just want some advice really and in all your posts you seem to know what you are talking about

ps I dont mean get on the ladder to buy something and sell again, I am not interested in that.

Sorry, I'm not abetadad but my SIL bought a small house this way and I can't see the downside...well, not for her anyway. She's re-training to be a teacher - certainly not loaded and she's got a lovely place. It's through the Nottinghill housing and it's in a nice part of Berkshire. I know that's no actually help but just wanted you to know she's thrilled with it!

Most shared ownership schemes seem to be for extremely overvalued new-builds - friend has just dropped out of buying one as, without min 20% deposit, best mortgage was 7.89%...

My mother got her first mortgage on her own at the age of 46, you are in no rush.

Depends when you think you might want to retire.

What Lala says about overvalued new builds certainly seems to be true in London but may differ elsewhere.

Personally, I would save like demons for two or three years and see where you are then.

Thanks all, i think we have no choice but to save and see what happens. I think the funding thing has got to me a bit as we were planning to buy when we had enough money together for the solicitor's fees and stuff but we took too long doing that i guess. And a guy came round the other day to fix one of our windows and thought it was very unusual that someone professional like me was living in rented accommodation. I just felt a bit embarrassed really which i KNOW i shouldn't have but i did.