FTB Scheme Qualification

tombuy

Hi guys,

Great to find place like this to discuss our property questions.

Me & my wife went to see the launch of New Build Home yesterday which is under part buy part rent scheme (Kensal Green London). We really liked it.

We spoke to an IFA and understood the household income has to be under 60K per annual to qualify.

Problem is our joint income is just around £64K only because my wife is working full time at the moment and she is due to go back part time in September. Then our income will drop well under £60K.

The IFA is only interested in proof for the last three months (pay slips/bank statements, ect) which doesn't work in our favour. My understanding is you have to look at how much your total income is (or will be) for the whole year, not just based on a few months calculation. Am I right?

Can anyone advise how to deal with this situation?

I have spoken to my bank as well, they won't be able to lend me enough money for us to buy a property, however, it seems we can't be qualified for FTB scheme either.

Many thanks for your views and opinions.

mbga9pgf

tombuy wrote: »

Hi guys,

Great to find place like this to discuss our property questions.

Me & my wife went to see the launch of New Build Home yesterday which is under part buy part rent scheme (Kensal Green London). We really liked it.

We spoke to an IFA and understood the household income has to be under 60K per annual to qualify.

Problem is our joint income is just around £64K only because my wife is working full time at the moment and she is due to go back part time in September. Then our income will drop well under £60K.

The IFA is only interested in proof for the last three months (pay slips/bank statements, ect) which doesn't work in our favour. My understanding is you have to look at how much your total income is (or will be) for the whole year, not just based on a few months calculation. Am I right?

Can anyone advise how to deal with this situation?

I have spoken to my bank as well, they won't be able to lend me enough money for us to buy a property, however, it seems we can't be qualified for FTB scheme either.

Many thanks for your views and opinions.

Wait till your wife is earning less then apply. Prices will be lower (dropping 1% per month on average).

If you cant borrow enough, then you dont buy, simple. Stay renting till you can afford. I think anyone who is going out to buy at the mo is nuts though. The crash has only really just got started, and in my opinion we are around half way through the price drops. Save as much cash between now and then as possible and you may be able to buy the house outright by then.

Hope that helps!

tombuy

Thanks for your help.

Reason why we are rushing is because propety prices are climbing up again according to media reports and this seems to be confirmed by checking recent asking prices on line.

Not sure where the property market is going, just don't want to be left out. Always dreamed of buying our own home.

mbga9pgf

tombuy wrote: »

Thanks for your help.

Reason why we are rushing is because propety prices are climbing up again according to media reports and this seems to be confirmed by checking recent asking prices on line.

Not sure where the property market is going, just don't want to be left out. Always dreamed of buying our own home.

ASKING prices are going up. I want 50 grand for my secondhand shed of a car. Doesnt mean I will sell it for that does it?

Get yourself on www.nethouseprices.com Check what prices are doing REALLY in your desired streets...

ACTUAL selling prices are still falling like a stone! It is always traditionally busy this time of year for the maket, the difference is, prices have actually been driven lower.

Ask yourself this, with climbing unemployment, massive instability in the financial markets and lots more bad news to come in the markets, do you HONESTLY think the recovery is happening?

Last crash took 5 years to reach the bottom. It didnt boom for a further 5 years. There is no rush. This recession is far worse than the last one, so keep saving and save yourselves the heartache of significant negative equity!

poppy10_2

tombuy wrote: »

Reason why we are rushing is because propety prices are climbing up again according to media reports.

Which media reports are these? Prices are still falling at a rate of around 20% per annum.

Blacksheep1979

asking prices are going up, prices which houses are selling for are still going down - have a look at the land registry figures for your area. London is behind the rest of the country and is really starting to slip in some areas, where I'm looking at house prices fell 2.9% in march (latest figures).

Also I'm very much against shared ownership, by doing this you're just keeping the price, of a house you should be able to afford totally on your own, artificially high.

poppysarah

64k a year income.

How much deposit do you have?

and do you think with such a huge income that being able to buy online half a house says a lot about the UK's housing market?