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Shared ownership flat

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
I currently share a house with friends since leaving uni and crave for space of my own. Can't afford a flat outright so thinking about the merits of shared ownership

Anyone bought a shared ownership flat and what's it all about?
Do i need to go on a housing association waiting list?

Comments

  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    With shared ownership their is always a criteria to meet, you normally need say 5k savings and over 25-35k earnings depending on a 1 bed or 2 bed apartment (all this criteria varies depending on housing assosiation and area/price etc.)

    Here are some links to help

    http://www.newlife-living.co.uk/Ways-To-Buy/Shared-Ownership/31

    http://www.lqgroup.org.uk/sales-and-rentals/home-ownership-and-rental-options/

    A friend of mine has a shared ownership house, he only had to get a mortgage for 25% of the house making it a lot easier, its a way of getting on the ladder :thumb:
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Thanks sepumseeme, I'm looking into this option seriously...........in a year's time it should be possible
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Hey there,

    Shared ownership can be a great way to get on the housing ladder and to get your own space.

    Whilst I have no personal experience of this, I just wanted to highlight a few websites where you can obtain further information from. The links and info from Norwegian Rebel are also great. :)

    Shelter has a page with further links about various Owership Schemes. They also have a free helpline you can call for advice from trained housing adviser. The number is 0808 800 4444 and they are open 8am-8pm Monday-Friday and 8am-5pm Saturday-Sunday.

    Further there is the Shared-ownership guide on the DirectGov website. There are also further links on this page including a mortgage calculator.

    I hope this helps and that you are able to find a home of your own soon!

    Keep us posted. :)
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I wouldn't advise doing anything with other people like that, nor a shared tennancy...

    I ended up in £500 debt for that mistake.
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