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Shared Ownership - is it really affordable?

Does anyone have experience of living in a shared ownership property? As a keyworker I'm struggling to find a property on the open market that I can afford. Some colleagues have bought flats via local housing associations but many of them have complained about the hidden costs involved and some even say it's a rip off. Would like to know if it really is an affordable option or if I should steer clear.

Asked on Dec 8 2010, House Prices in Welling | Report content

Answers (5)

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  • In my experience it is a cost effective way of getting on the housing ladder and increasing your share in the property, the rent is subsidised and should be cheaper than private rental or outright purchase.

    Answered on Dec 9 2010, Report content
  • Having looked further into this it seems that I don't qualify for a shared ownership home at the moment as I'm not a priority and my salary is too low to be eligible. Can't afford to buy a home outright as I can't raise a large enough mortgage and I don't qualify for a housing association property due to my low salary - what an absolute joke!

    Answered on Dec 10 2010, Report content
  • I have read nightmare stories about shared equity properties and good stories too. In my humble opinion it requires a lot of careful consideration, it might not necessarily be the best option for everyone.

    Answered on Dec 11 2010, Report content
  • Don't understand why you don't qualify for a HA property because your salary is too low. If it's too low to pay HA rents, then you may qualify for LHA - speak to your local council Housing Dept or your CAB. Note you normally have to work 16hrs/pw or less. Sounds like you are one of these 'poverty-trap' people. Better off not working. (I assume you are not being fussy about location)

    Answered on Jan 6 2011, Report content
  • The housing dept were less than helpful when I contacted them a few months back; they advised me that the best I could do was to rent a bedsit and claim housing benefit.

    Answered on Jan 6 2011, Report content

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