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Apprentice

Shared Ownership?

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Hi,

I am a first time buyer and haven't got a clue to be honest :(.

One thing I do know is that the bigger the deposit the better.

I have saved hard all my life & managed to save £40k for the deposit. I can roughly get a £131k mortgage.

The question is shall I go for one of those shared Ownership schemes where I would pay rent on the percent I don't own or find someone to help me get a bigger mortgage to buy a property on the open market.

Shared ownership sounds good but I'm weary of any catches.

Please help,

Thank Pat

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Hi,

I am a first time buyer and haven't got a clue to be honest :(.

One thing I do know is that the bigger the deposit the better.

I have saved hard all my life & managed to save £40k for the deposit. I can roughly get a £131k mortgage.

The question is shall I go for one of those shared Ownership schemes where I would pay rent on the percent I don't own or find someone to help me get a bigger mortgage to buy a property on the open market.

Shared ownership sounds good but I'm weary of any catches.

Please help,

Thank Pat

I take it £171K doesn't buy you much where you are?

Whatever happens steer clear of new builds and try to buy something needing a little work. Rope your friends and family into help and you will save yourself a fortune.

It depends on what your requirements are. Do you want a 1 bed flat just to live in. A larger place to entertain your friends??

Given that you have save £40k says an awful lot about your ability to pay a mortgage so it all comes down to whether you can afford the property to aspire to. If not, compromise by not aiming so high or buy with a friend.

Shared ownership can be ok but you will be limited to what you can buy. Buying with a friend is a better option but be sure to have 100% in that person.

It would help if told us where you are looking to buy and the type of propert you want. Even better would be a link to somewhere like www.rightmove.co.uk showing the typical property you want.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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