SHARED OWNERSHIP | How much it REALLY costs & is it affordable? | First Time Buyers Advice

SHARED OWNERSHIP | How much it REALLY costs & is it affordable? | First Time Buyers Advice
As first time buyers you will have plenty of questions about mortgages, solictors and what the best options are for you. In this video we share the exact costings we were paying when in a shared ownership contract. Shared ownership is something that helped us get on the property market within the UK and enabled us to buy our first home. Like anything, there are pro's & con's to shared ownership. Let us know if you enjoyed the video and check down below for more house related content!
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W A T C H N E X T
○ shared onwership pros and cons - • SHARED OWNERSHIP START...
○ our household bills - • OUR MONTHLY HOUSEHOLD ...
○ new build house tour - • NEW BUILD UPDATED HOUS...
○ first time buyers q&a - • First Time Buyers Q&A ...
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[@elise.mcculloch]

Welcome back to another video guys! Let us know in the comments if you have any questions!!

[@sarahcrockeryt]

I'm hoping to buy a house in the next year or so so these buyer videos have been really helpful!💖

[@elise.mcculloch]

Aww that’s so exciting lovely!! What sort of property will you be looking to buy? x

[@TheBAMFamalam]

That’s an awesome explanation 😊

[@elise.mcculloch]

Aww thanks for watching guys!! 💜

[@ruksaarkhan8261]

Very informative thanks.

[@elise.mcculloch]

thanks so much for watching!!

[@millwallboy98]

Hello I have a question . So say I bought a property just sat for £200000. My share being 25%. Do I have to wait till I buy the full 25% before I can sell or can you sell early and you get what you’ve put in if that makes sense? So say. My mortgage was 50k and I payed of 30 but I wanted to sell, what happens then?

[@stuartramplin9265]

If your house goes up in the time your in a shared ownership do u always gain or can the housing association keep that equity if u decide to sell .

[@elise.mcculloch]

So what ever the percentage that the government own, even if the house goes up in equity, they still take their percentage of the final house price sale. Regardless of the amount x

[@jaydevoyce989]

Did u guys have any outstanding debts at the time of taking out your shared ownership mortgage? I'm at a point of debt clearing and saving the house deposit and only looking to get a small share around 80k ish to start with. Just wondering whether u can get accepted on small shares if there's any outstanding debts that are being paid down xx

[@elise.mcculloch]

Other than student loans, no we didn’t. Your best bet would be to speak to a help to buy advisor and see where you stand. I hope that helps x

[@ruksaarkhan8261]

One question I have, as all new builds have a water meter, how do you cope with a water meter? Do you its worth it ? X

[@elise.mcculloch]

let me check... be back soon!

[@ruksaarkhan8261]

@@elise.mcculloch thankyouu

[@ruksaarkhan8261]

@Shaun Frost hey thankyou so much for your respond! And yes I’m good hope your all good, I’m Thinking of buying a new build but I’ve heard of people that they have a water meter can be bit expensive. However people do say it saves a lot of money too.

[@roxyprice900]

What I want to know is can u borrow enough for a mortgage for shared ownership I was told they borrow you less if its shared ownership is that right ??

[@elise.mcculloch]

Probably best to speak to an advisor as it’s all changed since we did it

[@anthonyharris6881]

How come you paid stamp duty though? Because you were a first time buyer and the property was under £300,000 you shouldn't have had to pay any stamp duty if you chose to pay full stamp duty at the start. Your solicitor should have mentioned this

[@sunuman4454]

We had a shared ownership in the late 80’s/90’s. Unfortunately our new build flat went from the market price of £60,000 down in value to £29,000! This obviously because of the negative equity at that time and having a 100% mortgage. We were essentially stuck with a one bedroom flat for years (even when children came alone) and were only able to sell to pay the share we didn’t own off and buy a family home when thankfully house prices rose again. This I’m confident would not happen again now as 100% mortgages are a thing of the past. X.

[@elise.mcculloch]

Aww I’m so sorry it wasn’t a different outcome for you! Luckily in Shaun’s experience it went the other way. Thank you so much for watching we really appreciate the support x

[@touz457]

But the rent goes up each year right ?

[@elise.mcculloch]

You’d have to check

[@shaunfrost2389]

😍😍😍😍😍

[@elise.mcculloch]

Hey ham

[@Natalie-vd3fd]

Thank you very much for this video, really helpful. My partner and I are currently looking at buying a SO property. We have been stuck in the rental trap for the past 19 years paying money to landlords who haven't upkept the properties we are in. We have been saving for a few years alongside paying private rent, which hasn't been easy. Due to living in the South West we just can't manage to save a big enough deposit to buy a house outright and see SO as a good way to get on to the property ladder. So many video's only focus on the cons, so its good to see a video in a more positive light. The way we are looking at it is that private rent in our area is considerably more than the mortgage and the rent combined on the SO property we are hoping to go for would cost less each month and at the end of the day we will own a percentage of it. We just want a bit of security for our girls as we've had to move rental properties so many times due to landlords selling. Thank you so much for taking the time to make this video x

[@elise.mcculloch]

I’m so sorry about your previous problems with landlords and I don’t blame you for wanting to get out of the rental market. We honestly know SO comes with many cons but it also comes with many pros and the biggest being given the chance to live in a property you may not be able to afford. We wish you the best with your search and I hope you’ll all be happy with the decision you make. Keep us posted!

[@karatist79]

hey, how did it go in the end? Did you get SO or you took a different route? just curious.. thanks.

[@iaing9028]

If you add the money you pay for the rental share to your mortgage payment it would probably be the same as buying the whole house. With your mortgage the % of interest versus capital repayment varies in your favour each month. I’ve been in my house for 20 years & the mortgage used to be £790 pm, it was £100 capital repayment & £690 interest, now the payment is £340 pm which only £40 is interest. This is due to refinancing the mortgage to a cheaper rate & overpaying since 2009.

[@icecreamforever]

25%"ownership" yet 100% of the blls. Freeholder gets to set rip-off service charge and your forced to maintain the building to an absolute gold standard..... shared ownership is a complete rip-off.