UPDATES 1) Changes to the Shared Ownership scheme were initially announced in September 2019. This video discusses the subsequent announcement which provided more information in September 2020. 2) Update on new Shared Ownership scheme: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-tw7j2kSIHe8.html
Thank you! Make sure you check out my update video which covers the latest announcement from the government: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-tw7j2kSIHe8.html
Hope you enjoyed the video! What do you think of the Shared Ownership changes? Have the changes made you reconsider the scheme? Let me know down in the comments!! ...and don't forget to like, share and subscribe! Thanks for watching!!
Scheme is undoubtedly amazing. Although in current situation 800 000+Tax payers have lost Job, so many jobs will never ever come back. Also all salaries been revised & down by £5000-8000/PA. How are people even suppose to plan their future.
@@ameetlibran9845 You're right. These are difficult times. Also, the revamp isn't as good as I had hoped, check out this video to hear the latest update: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-tw7j2kSIHe8.html
Haha! Thank you, I appreciate the compliment! To be honest, I have to break these subjects down so I can understand them. If you have any questions, don't hesitate to ask 😉
Subscribed. Also just to say, I really appreciate your video structure and opening timestamps. I actually watched it straight through but just nice to know.
Thank you for subscribing, and for watching all the way through! I’m glad you like the structure. Are you planning to use the scheme? I have some more interesting shared ownership videos coming up which I hope you enjoy!
Thanks for taking the time to make this video, gonna watch your other videos now. I just decided to wait it out til the next shared ownership scheme launches,
Thank you and I hope you enjoy the other videos! Make sure to check out the latest update on the Shared Ownership changes: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-tw7j2kSIHe8.html and my commentary on the BBC Panorama episode on the scheme: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-R2les6Yle-E.html
Thank you for the sub!! I’m glad you found it useful! Make sure you check out my update video which covers the latest announcement from the government: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-tw7j2kSIHe8.html
Bought 180.000 Brought 50%=90,000 Paid for 4 yes = mortgage 57,000 Valuation now =205,000 Staircase 50%=102,000 Mortgage = 162,000 Total repay 197,000 What pay and repay when I sell I must get 227,000 before I can get equity...
Hi Nora, I'm not sure I completely understand your question. Have you spoken you spoken to a mortgage adviser? If you haven't, you can speak to the one I interviewed in this video (ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-wRz_1S9MAUY.html) for free. His details are in the description of that video. Sorry I can't be more helpful!
Did they say whether they will still require you to buy the share based on your maximum affordability? I didn’t realise this was a requirement until I saw your videos and this has now totally put me off shared ownership, even through I had planned to do it. I don’t want to be forced to pay the maximum, that seems unfair. Thanks for these amazingly informative videos! 🙏🏼Great channel!
Yes, Kelly. This will continue to be a condition. Please watch this video for an update on the changes: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-tw7j2kSIHe8.html Thank you for watching!
Just as an update, I've been doing more research on this and government guidance states that housing providers 'must' encourage shared owners to buy the maximum share they can afford, but there is an acceptable range (maximum and minimum) based on your monthly income and the cost of mortgage, rent, service charge, etc. I plan to make a video on this in the near future!
Hi Lemuel I am clueless about mortgage and I need to find a property ASAP... Would you advice to buy a property now through share ownership or not yet? I have found through share to buy website a property (share ownership 35% minimum dep. 6500) but all their properties have an interest rate 3.94%. What does it mean? Is that good? What about rent to buy or help to buy? did you make another video?
Hi Lemuel, Your videos have been very informative. Thank you. Is it possible to get a shared ownership home without a mortgage? If you already have the bulk from inheritance or divorce?
TBH I’m not 100% sure. But housing associations do try and get you to maximise how much you can afford. It’s best to speak with the housing association directly and find out what their view on it would be. Also, check out my latest video on the changes being made to the scheme, they aren’t all I had hoped: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-tw7j2kSIHe8.html
my fear is loosing all the 3 flats I found now...really rare in my area to have 50% ownership flats coming up on the market and now there are 3. If I dont make an offer now, I might not have a chance for another year or even longer
I can’t give you advice because I’m not qualified to, and even if I were, I don’t know your specific circumstances. What I would say is speak to a mortgage advisor about your options (there are many that will chat with you for free). I also think buying property is about being patience, not rushing into things. I think there are good reasons to wait until next year. One being that I think (my personal opinion) that prices will fall once the stamp duty holiday passes and furlough scheme winds down. But you need to weigh up your situation with the information you have, get professional advice if you can for your specific circumstances, then make a sensible decision. That’s all you can do! Hope this is helpful...
thanks for the information, this video was made in October, are the changes in place, now 2021, especially the 10 years maintenance and what does it cover. (service charge)
Hi 👋🏼 great video. Do you think the changes that the government may put in place will effect someone who already has a shared ownership property? Or do you think it will only effect those who buy a shared ownership property after the changes?
I don't think the changes will be apply to someone who already has a shared ownership property. The government recently revealed more details about the new scheme (check this video: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-tw7j2kSIHe8.html). It will only apply to Shared Ownership homes that receive planning permission after April 2021. This means the earliest homes will likely be available under the new model is April 2022, and most will be built from 2023 onwards. Have a watch of that video and let me know what you think.
Great video, thanks for taking the time to break down all this info! I've started my Shared Ownership journey under the current scheme (mortgage offer just received). Do you think it's likely that the benefits under the new scheme will apply universally to all shared owners, or will it be only applicable to shared owners from April 2021 onwards? 👀
Thank you Vic. I'm glad you enjoyed the video. I don't think the changes will be applied universally, but that's one to check with your housing association. The government recently revealed more details about the new scheme (check this video: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-tw7j2kSIHe8.html). It's only going to apply to Shared Ownership homes that receive planning permission after April 2021, not any new Shared Ownership home on the market after April 2021. This means the earliest homes will be available under the new model is April 2022, and most will be built from 2023 onwards. Have a watch of that video and let me know what you think. Personally, I don't think you'll be missing out on too much tbh!
@@SelfInvested Thanks Lemuel. I will drop an email to the housing association and double check. Thanks also for the link to your latest video on the proposed changes to SO, I found it very useful. I agree with you in that the newly announced details are quite underwhelming, I don't think the changes are substantial enough for me to wait for them to come into force so I don't feel too bad about proceeding on that front 😅
Great. Video I’m in a shared ownership 1 bedroom flat paid cash for 25% and rent on the rest 75% to a Housing Association you keep saying Own your property but it is just a Assured Tenacy and Leasehold which I didn’t no at the time of purchase Shared Ownership is very confusing you don’t own anything....
You’re right. It’s not very transparent! Also, the hopes I had for the new scheme were dashed! Have a watch of the update video: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-tw7j2kSIHe8.html
Hi Thanks for your video. is this new program already valid? if it is not and if I purchase before its approval, do the new rules also apply to the old share ownership? Thanks Gio
You're welcome Giovanni! The new model will only apply to shared ownership homes that receive planning permission from April 2021. This means the first homes under the new scheme are unlikely to be built until April 2022. I made an update video on the new scheme as well, make sure you check it out: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-tw7j2kSIHe8.html
Am currently in reading where a new built 2 bed apartment is going for £150with 50% shared ownership. Do you think the new built will fall in price? Or is it wise to buy an old 2 bed down the road in Swindon for £150k?
Hi Steve, thank you for watching! It's difficult to comment because I don't have enough information and I'm not qualified to give advise. Having said that, I think generally, you're better off in the long run buying a property outright, rather than through the Shared Ownership scheme and trying to staircase to 100%. Secondly, the most important thing about a property is its location, so make sure you do your research on it. Thirdly, new builds are usually sold at a premium so tend to be more expensive than existing builds, so you can get more for your money with an existing build. Hope you found this useful!
I am curently buying a flat in London using Shared Ownership scheme. I would like to apply for a mortgage with two lenders at once. Working with two or more lenders at once can help me find the best deal. Equifax say this will not impact my credit score. This is from their website: "If you’re shopping for mortgage, the multiple inquiries are generally counted as one inquiry for a given period of time. The period of time may vary depending on the credit scoring model used, but it's typically from 14 to 45 days. This allows you to check different lenders and find out the best loan terms for you". Is it possible to use this strategy when buying with Shared Ownership scheme? Are there any restrictions I am not aware of?
I don't believe so. As far as I understand, it will apply to any Shared Ownership home that receives planning permission from April 2021. Here's my video on the latest announcement from the government on the new Shared Ownership scheme: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-tw7j2kSIHe8.html
Are you able to Sell a shared ownership property if you have a small percentage? If so how does this work? Can you do a video on this please, if you haven’t done so already. Thank you
Yes, you can sell a shared ownership property if you own a small percentage. It’s arguably easier to because more people will be able to afford it. The housing association usually tries to sell the home first, but if they are unsuccessful, you can usually sell 100% of it on the open market. Here’s an interview I did with someone that sold their shared ownership home: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-Q-nwCcCJ1Bw.html
@@lally4869 Make sure you check out this video as well which provides further updates on the new shared ownership model: New Shared Ownership scheme: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-tw7j2kSIHe8.html
There is no median or low or high. The average salary is calculated when u take every single worker in the country and divide everything by the number of the people. This is not a fair math. Take 80% of the working people of this country and you will realise their salary won't be even 25k.
What part of the video are you referring to? Can you time stamp it for me so I can have a look and clarify for you? You only pay rent for the part of the property you don’t own. You don’t pay any rent for the share you own. So yes, if you own 100%, you don’t pay any rent. Also, the rent you pay is subsidised, so it should be less than renting privately. Hope I answered your question?
Please note with shared ownership, you just don't pay rent on the share you don't own, mortgage and service charge. You will also be paying what is known as Ground rent (annually) to the freeholder as you only hold the leasehold title. Check your lease provisions on this point. Once you are able to staircase to 100% share, you should check your lease provisions on how you become the freeholder of your home once at 100%.
Thank you for watching Connor! You’ll need to check with the housing association you’re purchasing the property from, but most shared ownership leases allow you to have a lodger.
The government didn’t state the specific date in the press release, which you can find a link to in the description, but I’ve seen a number of publications that have stated from April, which makes sense because that’s the start of the new financial year. I’ll make another video on this when more information is released.
Hey super helpful video thank you - Aware you are not a finical advisor however... Current set up = income 1900pm and only main outgoing is 250pm on rent (living with parents) Do you think i'm financially better to live at home and continue to save or use this shared ownership scheme to get onto the property ladder? (Would be living single occupancy)
Haha! You're right, Milo, I can't give you financial advice. Personally, I would stay at home and keep saving if I thought there's a good chance I could buy a property outright in the future. I see Shared Ownership as an option B, or even C, if buying a home outright in the foreseeable future is unrealistic - and even then, I think I would look for a Shared Ownership house, not flat. Also, make sure you check out the latest update on the Shared Ownership changes: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-tw7j2kSIHe8.html - the changes aren't as good as I'd hoped they'd be!
