Shared ownership???

[bubbs]

Hi, looking for any advice please, I am wanting to buy my own place and have seen the shared ownership option. I dont really know alot about it but would appreciate anyone telling me their good / bad stories and what to ask about when I go see the agents hopefully this weekend.

Thanks lots :D

[TazDaz]

Can't say I've been through the scheme myself, but make sure you're clear in your head what you'll need to pay each month. I looked into this last year for a new development near to me and it turned out there was also an additional monthly "maintenance" fee which was £80ish and it wasn't exactly broadcasted amazingly clear. So it was mortgage + rent + maintenance...made it costly.

[bubbs]

Ive seen some which say a monthly 'service charge' which I think means the same thing. Thought they might be throwing in a cleaner...no such luck!

[Specialone]

I looked into this in the early nineties and tbh it worked out no cheaper than buying outright the only difference was they still owned 50%.
The only advantage i think is its easier to get these as they share the risk from a lending point of view, so 1st time buyers might be attracted to this.
Do your best to buy it outright imo, even go interest only for a bit or small repayment and interest, to you get youself settled.