Pablo
Member
Registered: 3rd Feb 03
Location: Milton Keynes
User status: Offline
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Been looking at shared ownership flats.... But want a new car and im just about out of debt now, about £200 to pay off!
But do I....
1.) Buy the flat and be nearly skint, I have a fiesta so dont need a car. Cycle to work as its really close and save what I can til I can afford a new car one day... (bearing in mind, im gona be spending money buying bits for new house)
2.) Keep saving, buy a new car (out right) and save after til I can afford another place. Thing is im not sure I will get a nice place in nice area for same shared ownership deal and price, as prices may prob go up....
[Edited on 20-07-2006 by Pablo]
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Nath
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Registered: 3rd Apr 02
Location: MK
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I voted 2, patience Pablo.
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Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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Stay away from shared ownership, get on the property ladder as its well worth it
Thats my opinion, ive done option one and think itd the best thing ive ever done 
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Pablo
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Registered: 3rd Feb 03
Location: Milton Keynes
User status: Offline
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I cant get on property ladder any way OTHER than shared ownership!
Nath, what I thought BUT prices may keep rising and i'll regret not buying a place
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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send me link to property, if its a flat whats the lease on it?
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Pablo
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Registered: 3rd Feb 03
Location: Milton Keynes
User status: Offline
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its a 2bed flat yes, brand new! 250 year lease
No link, i cant find any details on it
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Robbo
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Registered: 6th Aug 02
Location: London
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Stay away from leases if possible, esp long one!
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Pablo
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Registered: 3rd Feb 03
Location: Milton Keynes
User status: Offline
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why?
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MarkM
Member
Registered: 11th Apr 01
Location: Liverpool
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So its on leasehold??
I wouldnt touch anything on leasehold unless it was 999 years lease which is the maximum you can get...
I would save and buy a place in not so good an area (cheaper) and own it outright (freehold)...least that way its yours...
Do some research on up and coming areas...
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Pablo
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Registered: 3rd Feb 03
Location: Milton Keynes
User status: Offline
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leasehold?
Its 40% shared ownership.... So mortgage will be about £60k.
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MarkM
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Registered: 11th Apr 01
Location: Liverpool
User status: Offline
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Dont forget you still have to pay rent on the other 60%...on top of your mortgage...
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Robbo
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Registered: 6th Aug 02
Location: London
User status: Offline
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http://www.thisismoney.co.uk/help-and-advice/advice-banks/article.html?in_advicepage_id=116&in_article_id=395348&in_page_id=90
http://msn.whatmortgageonline.co.uk/WHM40.htm
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Pablo
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Registered: 3rd Feb 03
Location: Milton Keynes
User status: Offline
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Im going to buy 50% mortgage! But yes I do realise I have to pay rent on the other % I dont own!
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Nath
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Registered: 3rd Apr 02
Location: MK
User status: Offline
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quote:
Originally posted by Pablo
Nath, what I thought BUT prices may keep rising and i'll regret not buying a place
But you wont always be earning what you do now though, in your field of work you'll earn more soon enough.
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Pablo
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Registered: 3rd Feb 03
Location: Milton Keynes
User status: Offline
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If I study
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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Does your council run a help2own scheme?
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Pablo
Member
Registered: 3rd Feb 03
Location: Milton Keynes
User status: Offline
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its called, shared ownership 
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Pablo
Member
Registered: 3rd Feb 03
Location: Milton Keynes
User status: Offline
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Got appointment with Mortgage advisor, cant afford to get a house on my own, so this is my only option, and there is no premium to pay like most hosues etc.
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Kerry
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Registered: 5th Oct 01
Location: Norwich
User status: Offline
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quote:
Originally posted by MarkM
I wouldnt touch anything on leasehold unless it was 999 years lease which is the maximum you can get...
why
as long as there is atleast 30 years remaining on the lease at the end of the mortgage term most lenders dont even care
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Pablo
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Registered: 3rd Feb 03
Location: Milton Keynes
User status: Offline
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Well the "lease" is 250 years, so that should do me til I wanna move out and up..... one day!
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Kerry
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Registered: 5th Oct 01
Location: Norwich
User status: Offline
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quote:
Originally posted by MarkM
I would save and buy a place in not so good an area (cheaper) and own it outright (freehold)...least that way its yours...
all leasehold means is you dont own the land the property is on and therefore have to pay about £6 a year!
and leasehold propertys can be anywhere, they are more common than you think!!
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Kerry
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Registered: 5th Oct 01
Location: Norwich
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quote:
Originally posted by Pablo
Got appointment with Mortgage advisor, cant afford to get a house on my own, so this is my only option, and there is no premium to pay like most hosues etc.
thats the best thing to do to be honest
he will be able to place you with someone who may be able to help you will be surprised what lenders will lend up to these days
also can your parents not go on the mortgage to help increase the borrowing?
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Pablo
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Registered: 3rd Feb 03
Location: Milton Keynes
User status: Offline
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Well I think I should get on the ladder, the prices for the flats are 12months old, as the company that was spose to get them on the market didnt do anything they were valued at £115 12months back and now valued at about £130k, but they are honering the old prices. SO makes sense for me to jump in and get as much % as I can afford!
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Kerry
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Registered: 5th Oct 01
Location: Norwich
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just bear in mind the long term side of shared ownership, it doesnt give you a wider choice of lenders as not all mortgage companies accept shared ownership schemes so you may pay a higher rate and miss out on first time buyer deals
also if and when you come to buy the second half of your property that has to be done as a purchase too so you will cop for a second lot of fees and charges like with the original purchase
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Pablo
Member
Registered: 3rd Feb 03
Location: Milton Keynes
User status: Offline
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Yeah i knda thought that, but its so hard to get on the ladder these days.
The compnay doing this already has 6 pre agreed lenders, and my dads got a mortgage bloke who will do me a good deal, so will see what they say today at 2pm.
Cheers for info Kerry will bear it in mind.
Gotta start somewhere tho!
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