Does anyone part buy?? I don't know how we are going to afford this lol, at the minute we're waiting for a council house (we've been on the list 2 years in July and the waiting time is 2-3 years) so part buy would be lovely unless we get lucky with the council - plus the fact that we want to get on the property ladder ASAP!

Do you know how much mortgage suppliers can lend, is it 3.5 times your wage? I just looked on Nationwide's website and did a mock run of applying for a mortgage and it said they could lend more than id have expected (unless I made a mistake).

Being young and trying to make a good life for yourself is stressful!!

Hey,

We have a 50/50 shared ownership with a Housing assoc. Tis good but a bit more expensive than we first thought. BUT we did get a spanking new 3bed house with a HUGE garden for just over 60k. After two years we can buy the rest or in 25% increments whichever suits, we cant afford to just yet but definitley will be.

Be careful with who you borrow from too, a lot of mortgage companies would not lend us the money for a shared ownership property..they struggle to repossess if they need too as the council or whoever owns the other half. So we ended up with a much owrse deal than we had originally budgeted for.

Also....we had to pay stamp duty on the full value of the property as was over the limit...but now you wouldn't need to pay anything until you buy 80% of the property.

Take the time to budget it properly..we had budgeted off a 125% mortgage from northern rock which then fell through and had to frantically find someone, anyone who would loan us the money..we do struggle now because of bad advice there is light at the end of the tunnel though and we do own our own home, a very nice one too

HTH
Jo x

Yes, I read that in the budget, which is great for us (not paying stamp duty until 80%).. the main problem is the start off fee's for us but as you said, I don't want to get the place then struggle to live.

Shame to hear you are struggling a bit, but you do own your own home as you said and we want to get our own place even if we do struggle a little, rather than throwing away our money renting.

Without the Stamp duty all you would need to worry about would be solicitors fees and the valuation fee (which some mortgage companies dont charge). Then obv moving and the usual stuff.

Tis definitley worth it, we had bad advice is all and the concept was still fairly unheard of when we did ours (2.5 years). With the government backing it you may find it easier now and there may well be more companies willing to loan money for them now. We are with the Leeds Building Soc and the deal we got isn't bad as just 100% of the percentage of the property we were buying rather than 125% which meant we had to find the other fees ourselves at short notice (cos of an inept mortgage advisor) and couldn't consolidate our debts at the same time.

It has been hard but if we had been better advised we would have waited and saved a bit prior to agreeing to buy the house is all. Getting to the stage where we are finding it a bit easier now though which is good... another year and we rockon we will be in a place where we can start trying for a BFP..which would be nice.

All in all GO FOR IT just research it well before you agree to anything