That's great! I'm gald you managed to get another offer. Does the penalty apply to the whole term of the mortgage? If so, I suppose you just have to remember to factor that in when you staircase or sell. in my experience it's all just on paper anyway - you never actually SEE the money when you buy and sell, it's just numbers on your solicitors' computer.

I totally understand what you mean. I had no trouble getting a mortgage but 4 times my salary wouldn't even buy me a bedsit in West London. Through shared ownership I ended up with a lovely brand new 2 bed flat which i recently sold & bought a 2 bed house so shared ownership is definitely worth it. As you say; the rent and service charges are regulated so kept to the minimum. When I first moved in my rent and mortgage combined were the same as I had paid when renting privately for a grotty 1 bed conversion.

You are quite right about buying a home and not just bricks and mortar for a quick profit. There is never a PERFECT time to buy a house - if it feels right for you and you can afford it go for it!