Shared ownership - a viable option?

[ggirl]

I have been looking at affordable housing but have a few concerns esp. around the clawback etc. and am thinkng shared ownership might be a good option instead. I rang Property Path to see if I can buy any property (within my financial limits!) under the scheme and was told the maximum mortgage they would give is €185000 (which the SDCC website states too) but then I was told they would give €210000. The girl then said 'It doesn't matter though because no-one does shared ownership anymore. Interest rates make rent so high you end up paying two mortgages.' I asked her to explain and she couldn't. I have mailed them and got no response and am hoping someone might have been through the process? I thought the council was required to make SO available for people but the girl said no one had done it in SDCC's area for over a year!

 

[shanesgal]

I am not sure if Shared Ownership is a good idea as it is similar to having an interest only mortgage on half the price of the property the rent amount being similar to an interest payment. I don't think that it is a great idea.

 

[pinkyBear]

Hi ggirl,
We did shared ownership and we personally found it very good, we bought the council out after a year and moved on a year later.

With respect to interest rates we bought when the interest rates were as high as now, the rent isnt huge either..

I would certainly recomend it..