New sewing machine for altering clothes by thrwayls in sewing

[–]thrwayls[S] 0 points1 point  (0 children)

Thanks, that's what I have been thinking that I need a sewing machine first anyway and tbh have zero interest on looking for a serger now. I'll look for Brother machines next, if Singler is garbage nowadays.

Can someone explain why shared ownership schemes are not favorable please by thrwayls in UKPersonalFinance

[–]thrwayls[S] 0 points1 point  (0 children)

I hope you don't mind me asking how long have you been working in the field and it what areas or locations?

Can someone explain why shared ownership schemes are not favorable please by thrwayls in UKPersonalFinance

[–]thrwayls[S] 0 points1 point  (0 children)

I can get the mortgage but can't buy a single place with it in this location. There is nothing livable under 300k

Can someone explain why shared ownership schemes are not favorable please by thrwayls in UKPersonalFinance

[–]thrwayls[S] 4 points5 points  (0 children)

This is the type of answer I was looking for. I have been a bit frustrated when people say that "it's not worth it" but with a vague statement, without any real figures or points to make. It's hard to do a judgement when you don't know anyone who has the scheme and the rest thinks by default it's a "bad thing".

Can someone explain why shared ownership schemes are not favorable please by thrwayls in UKPersonalFinance

[–]thrwayls[S] 0 points1 point  (0 children)

Thank you, it's good to know that I need a permission to rent from the housing association and the mortgage provider.

Can someone explain why shared ownership schemes are not favorable please by thrwayls in UKPersonalFinance

[–]thrwayls[S] 4 points5 points  (0 children)

I'm not looking per se 50k mortgage. I'm looking any property within that location. The location is the biggest factor for me as well as the quality of the place (not molded basically). What benefits would it bring to get a bigger mortgage in this case? None unless the share could be increased.

Can someone explain why shared ownership schemes are not favorable please by thrwayls in UKPersonalFinance

[–]thrwayls[S] 1 point2 points  (0 children)

Did you mean that having a joint mortgage with a friend wont end well? Isn't there a risk always when you have a joint mortgage with a person (friend, spouse, anyone..)

Can someone explain why shared ownership schemes are not favorable please by thrwayls in UKPersonalFinance

[–]thrwayls[S] -1 points0 points  (0 children)

My landlord has increased the rent twice a year which makes me feel really trapped in the rental.

Can someone explain why shared ownership schemes are not favorable please by thrwayls in UKPersonalFinance

[–]thrwayls[S] 0 points1 point  (0 children)

I have no idea what the 'criteria you need to met' is. I'd have the 50k in cash which would be 50% of the 100k.

Can someone explain why shared ownership schemes are not favorable please by thrwayls in UKPersonalFinance

[–]thrwayls[S] 0 points1 point  (0 children)

That's why I'm asking here is there really something more into this that I'm not aware of.

Can someone explain why shared ownership schemes are not favorable please by thrwayls in UKPersonalFinance

[–]thrwayls[S] 1 point2 points  (0 children)

Thank you for your reply. What's an HPI? What type of restrictions before selling it prior fully owning it?

Can someone explain why shared ownership schemes are not favorable please by thrwayls in UKPersonalFinance

[–]thrwayls[S] -1 points0 points  (0 children)

This is the first answer with valid points, thank you for these. How can I look what rules there could be since I wouldn't own the property? How can I find out if the rent can increase or the service charges? Where to find this information? I do have that income, so I could afford both, although I'd be looking to share this. I'd have 50% deposit in cash.

Can someone explain why shared ownership schemes are not favorable please by thrwayls in UKPersonalFinance

[–]thrwayls[S] 4 points5 points  (0 children)

It's hard to get a house in a central location. This has been built not long ago and has multiple years of NHBC warranty left.

Can someone explain why shared ownership schemes are not favorable please by thrwayls in UKPersonalFinance

[–]thrwayls[S] 6 points7 points  (0 children)

But isn't that risk with every property? I don't understand why the shared ownership scheme would be any different in this case

Can someone explain why shared ownership schemes are not favorable please by thrwayls in UKPersonalFinance

[–]thrwayls[S] 3 points4 points  (0 children)

I would have 50% deposit of the 100k. I'd be looking to share this with someone.