I'm starting to look into purchasing a home via the shared equity scheme on a new build property. I am very aware that this process is quite intrusive and that the chances of getting a mortgage at the moment are 50:50.

I know I will need to show savings of at least £2.5- 3k- which I don't have. I was planning on extending my personal loan which I have 10 months left to pay and pay off my credit card debts that I've had since doing my MA. I'm not worried about this I definitely will NOT be taking out credit cards again! However I know that this may affect my chances of getting a mortgage.

Would I be best holding off on the loan for now and seeing if I can lend the £3k from my parents until the mortgage application is completed (assuming I get good news!) ?

Finance from family is usually acceptable but many lenders wont accept borrowed deposits. You also need to be aware that, with many shared equity schemes, there are similar properties on the market at ¾ of the price just round the corner (check rightmove.co.uk) so you would have negative equity straight away.

My opinion is that, if you can't save up £3k in a few months, you should not be considering home ownership (or part-home ownership).

it will allways be best to lend from your parents as it wont affect your credit rating and they will be much more flexible with regards to payments and maybe even write off some of the debt.

as for the property being sold for more, this is complete hear say. i am just completing mine now, the property was up for 280,000 the survey came back that it was worth 250,000 due to other local property prices. the ha then down valued it straight away.

also as long as your in a stable job owning your own house is the best option. anyone with any type of business sense or or even common sense should know that rent is dead money, so good luck to you

any other help just ask, as i have first hand experience.