I need a £5000 deposit for shared ownership but already have a loan. Can I have 2?

opinions4u

No deposit.

Shared ownership.

Consolidation loans.

Inability to save.

This has got repossession written all over it.

KingElvis

maninthestreet wrote: »

:eek::eek::eek:

LOL that made me laugh.

chalkie99

opinions4u wrote: »

This has got repossession written all over it.

Yeah ........ but only 50% repossession

busy_mummy

I dont understand where everyone is going with this and acting like we cant afford it? We have an annual income of £38,000 and our only outgoing debt is an £8000 loan we took out 3 months ago (£2000 paid off a credit card and £6000 brought us a new car) £160 a month for 5 yrs! Yes we could save for a year to make the deposit up however the shared ownership houses they are building will be ready in September/November, are right opposite me and would be ideal for right now, which is y I asked if getting a loan for a deposit is allowed. This 'If you cant afford a deposit, you cant afford a house.' statement is silly! After all our rent, household bills etc have gone out we still have £710 a month left over! If we take on the shared ownership property it would work out £180 rent p/m (on the other 50%) , £430 Mortgage p/m and £260 to pay back both loans. Wheres the problem?

cte1111

Has your income gone up recently? If not then why do you have credit card debts and why didn't you save up for 9 months to buy the car, rather than getting a loan? Where has the extra £710 been going each month?

I think the point everyone is trying to make is, if you have a big chuck of spare money each month currently, then why are you in debt rather than having savings to use as a deposit?

lindens

You have £710 a month left over each month, but you have nothing to show for it except previous debt. This is what people are trying to point out. If you have £710 a month left over each month it will only take you 10 months to save £7000, enough for a deposit and the fees etc,
Also, it is correct these days in that you have to prove you have a deposit ready and waiting, if you get another loan and the mortgage company see two loans for £13000 in the last 4 months they will probably shut the door in your face.
Alternatively sell the new car ( nobody "needs" a new car), buy an old banger, repay the loan and you will have the deposit you need for the house of your dreams.

Mallotum_X

busy_mummy wrote: »

I dont understand where everyone is going with this and acting like we cant afford it? We have an annual income of £38,000 and our only outgoing debt is an £8000 loan we took out 3 months ago (£2000 paid off a credit card and £6000 brought us a new car) £160 a month for 5 yrs! Yes we could save for a year to make the deposit up however the shared ownership houses they are building will be ready in September/November, are right opposite me and would be ideal for right now, which is y I asked if getting a loan for a deposit is allowed. This 'If you cant afford a deposit, you cant afford a house.' statement is silly! After all our rent, household bills etc have gone out we still have £710 a month left over! If we take on the shared ownership property it would work out £180 rent p/m (on the other 50%) , £430 Mortgage p/m and £260 to pay back both loans. Wheres the problem?

If you have all this spare cash then why did you need an 8k loan. You would have had savings. Save up for a while, at 710 a month it wont take you long to save up will it.

Regardless. shared equity is a mugs game, avoid.

Look for whole houses you can afford, after saving up for a year or two.

busy_mummy

That does make sense. Think its cus i can see all these new houses going up making me want it without really affording it. Selling the car is a very good idea and we wouldnt even have concidered buying it in the first place if we'd have known they were going to build Shared Ownership houses on our street. It's obviously clear the sensible thing to do is save, even if it is boring and time consuming...thanks

busy_mummy

Regardless. shared equity is a mugs game, avoid.

Its shared Ownership not shared equity...they're 2 different things

jonjamie1970

You will need to tell the loan company what the moneys for and they may not like it to be for a deposit, likewise a mortgage company may want you to clear the loan first.

Good luck and dont forget the council tax, contents insurance etc etc