I am looking to buy soon should i wait or go for it with shared ownership?

Question

I have looked at od getting 90% mortgage, but will have to work well in to retirement to pay off, but with shared ownership it will be easier, but i wont own the property out right. is it the right time or should i wait?

Answer 1

Most people expect house prices to drop further ..

In UK, most of the 'buy to let' landlords have not been forced to sell (yet) .. in the next 2-3 years many of them WILL be forced to sell ..

The 2 & 3yr 'special deals' have already started to end and many have already found they can not get another 'special deal' - and with the rent income often failing to cover the 'standard' rate Mortgage interest, they are starting to hurt ...

However most are still 'hanging on' in the hope that interest rates will fall - but my guess is that rates will not fall (much) .. indeed, the BoE rate may start to rise soon ..

Bright landlords are already trying to sell .. but with 'vacant posession' - and this means waiting for their 6 month / 1 year tenancies to expire.

Some landlords may well be using their Credit Cards to 'top up' their mortgage payments ... already some Credit Card companies are increasing the minimum monthly repayment and reducing max. allowed outstanding balance ...

As their Credit Cards are maxed out, the defaults will start and the buy-to-let properties will get repossessed ... and then house prices will really start to drop ..

Answer 2

WAIT.  Shared ownership just complicates your title, and creates a partner you might be better off without.

Don't worry about paying off your house.  Worry about having a payment you can afford, whether you're working or not.  If you don't buy, you will be renting and having a payment.  Prices are coming down.

Try to buy something that costs less so the money you have will be a 20% down instead of a 10% down.

If you have 20,000 to put down buy a $100K house instead of a $200K house.