First Time Buyer Help

[Challo]

Girlfriend and myself are looking in the near future to purchase a house/flat to live in. Currently we are renting and trying to save where we can for a deposit, but with renting expensive it will take us a long time to get the 10% or 15% some lenders require.

I have been trying to read up on the various Shared Ownership Schemes or the new recent 95% Mortgage deal from the government to unsure if these are good or bad?

Can anyone share any experience on either and whether they are good thing? I have read some comments that shared ownership is hard to sell and not worth it etc.

If we have to carry on renting to save more than thats fine, but obviously would rather pay of our own mortgage than pay it on rent.

[jonny70]

Prices are falling or static at the best , bide your time.No ned to jump on the property bandwagon as quickly as possible. If you buy with such a small deposit you may end up in negative equity if you sell after a few years as prices fall .

[raptor600]

Don't do a joint ownership - you just end up paying over the odds.

If you really want your own place - make some sacrifices and save a deposit yourself.

As the first poster said - prices are going to stay static at best for the near future so don't worry about missing the boat, you won't.

[e8_pack]

Were looking to buy and its a buyers market for sure, but still some way to fall. Houses we have been watching have dropped 10k for one, 17 another, 15 another one, others are dropping less but they are all going south. One house has gone from 330 to 275 and we know will take 245. We're biding our time, so you have plenty time to save yet.