shared ownership

[helliebobs]

has anyone got any experiences to share on this?

[andyjevs]

Yes....what would you like to know.

I currently have a SO with Orbit (50/50). I pay a mortgage on my half and rent on theirs.

I found Halifax the best mortgage company to deal with SO but there may be a couple more.

[helliebobs]

Hi Andy!

The reason I ask is because hubbie and I are sick of renting and while we could afford mortgage repayments, the amount I could borrow to actually buy somewhere would not be enough to buy anywhere nice or in a very nice area, so we have started to discuss shared ownership. I don't personally know anyone who has done this so it is still a bit of a gray area for me!

[keepitreal]

I have a SO property in London (40/60) for the same reason as you... i could afford the monthly repayments for a mortgage but didn't earn anywhere near as much to get a regular mortgage.

Most SO are new builds/renovations, but there are alternatives where you can approach a Housing Association to help you buy your current (or any other) property.

It is a great way to get on the housing ladder in my opinion - even if you can't afford to buy outright in the future - you make money on your share of the property if the value goes up.

http://www.housingcorp.gov.uk/yourhome/shared.htm for more info