Own Home Scheme Pros and Cons

cowgirlmoo

blunt_crayon wrote: »

I think I have read somewhere that the minimum salary is 20k. I may be wrong though. But on 15k can you really afford to buy? If it has taken you a year to save 3k on two salaries, then it doesn't sound like you should be trying to buy a house on one low one.

You are possibly right. However i did manage to rent a flat at the same price a mortgage would cost. It took me + partner 6 months each to save the 3k, me after moving in with my parents in order to save money. If we get rejected then we will prob just keep saving but it will take years.

My partner will hopefully be getting anew job too eventually! - he gets 15k too when employed so thats 30k in total.

Thanks for your input though - i will have to give it some thought.

punkymunky

Hi guys, applied on 5th March and am still waiting, just wondered if there was anybody else in the same boat? Have rung them a couple of times and asked how long the wait is and they've said 8-10 weeks but this is week 15 for us now so getting a bit worried!

wildgill

superfran_uk wrote: »

The other alternative is to get a job with higher pay. That is certainly what I would do if I earned less than 20k and wanted to buy my own house. Remember it's not a right, many people will never be in a position to buy. For someone on a low wage it may never be a sensible option.

What a wonderful idealistic view.LOL. Unfortunately, there isnt a little smilie for smug. Its such a shame this thread has become so judgmental the haves and the have nots. It was so much more helpful when it was a supportive informative thread. With regard to income everyone has to start somewhere and this scheme is amongst other things for FTB.

Good Luck Cowgirlmoo

coffeedog

I agree with the above post. The tone of this thread can at times be very judgemental. The purpose of the thread is to support eachother , not to judge other.

jmerle

Yes, I'll second that! It's a very emotive subject for a lot of people and there seem to be too many quick judgements without knowing all the facts. I wish everyone waiting all the best.

paperab

I agree with the above 2 posts too !

The problem is that there is some "self made judges" that has decided what is right and what is not right.

Btw:
1) NO there is no lower limit of earning as there is no lower limit for the mortgage.
2) NO no one can say that you have to buy a council house or a house in a poor area just because you are asking for a government funding.
3) NO NO this is not a gift ! The equity loan is something you have to repay and probably the APR will be around 5% or more (who knows). Definitively not a present.
4) ILR: NO you do not need a "indefinite leave to remain": you must be of British citizenship or you must be from EU or you need ILR (only in the case you are from outside EU).
5) No person become reach renting additional rooms from a house just because they buy 3 or 4 rooms and in any case you cannot rent out any room (because this is not in the mortgage contract). The role of fixed number of room is just ridiculous.

6) STOP to label people please: there is a "bloke" that seems to be God here.

paperab

Question:
what happens if the house has 1 room more that what approved and this room is used as an utility room ? It can be closed and so the house become eligible ? Or it must be considered as a bedroom (but it is not).

As said: who knows... too many variables and a silly unclear role.

skoods36

I agree with the above. People obviously use this forum to get information and support on a big decision in their lives. Unfortunately a nasty and judgemental attitude from one user in particular is common and for some biizarre reason this person has been placed on pedestal as the sage of all knowledge. The reality is that all of us using this forum need Ownhome, whether we earn £15k p.a. or more. To say you should just get a another job is not living in the real world at all and not helpful, and why should someone earning £15k not have the right to buy a house? There have been spiteful replies from this person for a while now and I really wonder why? Can we keep it positive please??

superfran_uk

paperab wrote: »

Question:
what happens if the house has 1 room more that what approved and this room is used as an utility room ? It can be closed and so the house become eligible ? Or it must be considered as a bedroom (but it is not).

As said: who knows... too many variables and a silly unclear role.

It would depend on the surveyor. If he says it's a bedroom then it will be a no no from ownhome and you will have wasted the survey fee.

It is not judgemental, it is just realistic. I have been in a position where I was single and earned under £15k, and although I wanted to I knew that I could under no circumstances afford to buy a house. Now my partner and I have a combined salary of enough to get and sustain a mortgage, it is a reality. £15k is NOT enough to buy a house with in most of the country, and anyone that thinks it is is going to be very very disappointed when they finally get their assessment or later when they get their house repo'd for non-payment of the mortgage.

tek-monkey

paperab wrote: »

5) No person become reach renting additional rooms from a house just because they buy 3 or 4 rooms and in any case you cannot rent out any room (because this is not in the mortgage contract). The role of fixed number of room is just ridiculous.

Sorry, what exactly do you mean by this? Do morgages forbid you renting a room out? Why? I want my own place, I rent with my brother, are you saying he couldn't move with me? Would be stupid if so, they'd need to dish out 2 loans to help us both rather than just 1. Every place I've lived in has had a mortgage on it, and I've rented it out?