FabSwingers.com forum: Buying a house in 2021

By (user no longer on site) OP
over a year ago

Is anyone on the home owner journey?

What's your experience been?

Have you bought from the open market or one of the government schemes?

By (user no longer on site)
over a year ago

Ive been trying to by another rental since july its a bloody nightmare atm.

If your a first time new build zero chain buyer i think its very straight forward still.

Mortgages are still at a good rate.

Try to avoid shared ownership.

Opt for the help to buy scheme but try if you can to get a house to grow into rather than grow out of.. by this i mean go for a 3 bed over a 2 bed if possible. Reason for thos is people that tend to buy 2 beds on the help to buy tend to find themselves 'stuck' as at the end of the 5 years you remortgage the property to put the 'government borrowed' deposit intonthe property... but as its a 2 bed its very often they havnt increased in value so you end in a negative equity situation. With a 3+ bed they allways increse in value so you'll remortgage and not be in that situation and are easier to sell.

The help to buy is a great scheme but future proof

By (user no longer on site) OP
over a year ago

"Ive been trying to by another rental since july its a bloody nightmare atm.

If your a first time new build zero chain buyer i think its very straight forward still.

Mortgages are still at a good rate.

Try to avoid shared ownership.

The help to buy is a great scheme but future proof

Thanks for the insight. I scrapped Shared Ownership off my list as I have many friends in it who have had more problems with it. Help to buy seems ok, but for most solo first time buyers in my part of the UK, it is hard enough getting a 1 bedroom flat on the scheme let alone 3 (affordability assesment based on 45k salary). But I do understand your logic. Thanks.