Share to buy scheme?

I signed up for updates for new properties in London where you can effectively pay 25% of the value of the place as a mortgage, even then i`m looking at £130K plus for anything decent like a 2 bedroom flat.
I am 38 and pissed away thousands on rent so do you think this is worth going into?
My credit rating is pretty **** as i ignored a loan of about 7k outstanding when i was made redundant over 6 years ago now but they never chased me for it.
Feel free to rip the piss but some people get a hardon for giving property ladder advice .
This is just an example, i want to get one in the Olympic village the flats there are wicked. https://www.sharetobuy.com/sharedownershippropertydetails?id=15928

 

From my very limited knowledge on the subject, a few concerns are:
1. The housing association may hike up the rent on their share each year plus maintenance fees
2. Difficult to sell
3. The housing association will likely have first refusal when you come to sell at "fair market value"
4. Normally not allowed to rent them out

 

My advice would be to move to Scotland, house prices are far more reasonable, admittedly you will have to take a wage cut in all probability but life's a balancing act.

 

You could get this for £130k

http://www.rightmove.co.uk/property-for-sale/property-40065478.html

 

**** sake, how many times do you have to be told not to try sell your house on here?!

 

That's a nice gaff and seems to be a nice area and if you can get me membership for Loch Lomond GC you have a sale.

 

Yeah, there's another flaw in this plan.

 

Don't be ridiculous gentlemen, just buy in the USA, that is where the smart money is going.

 

One more thing, are all you ****s idiots?

 

If you have a spare million or two you could always put a bid in for Niall Quinn's gaff

http://www.irishtimes.com/life-and-...-s-2-5m-home-in-a-league-of-its-own-1.1756011

 

Dunh?

 

Just for the record, the share to buy scheme is just quantitive easing in another wrapper. Not that that is necessarily a bad thing, maybe.

 

It's a fair bit away from Loch Lomond to be honest, I only live 8 miles away.

 

From Loch Lomond?Looks like a nice bit of the world.

 

I live here: It's not bad.

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You'd need to get the ferry to go anywhere and the last ferry is about 9 at night or an extra 3 hours driving round loch long, far to restrictive for young person.

 

But not for old fogeys like moi.

 

So either move to Scotland Ireland or America?
If i`m going to get locked into something like this scheme i don`t want to get bum raped financially later on but i still keep blowing £600 rent every month

 

**** Ireland and the US, come live near me and we can play boardgames.