Affordable housing – Yeah right.

Tygermoth

So I get a call today from my housing association who I have been on the list for a part buy for quite some time asking if i minded them passing my details on to another housing assoc who they think has a great match for me..

New housing assoc calls - They have a lovely 2 bed semi in a village, backs on to fields... and send me through a link. Wow its lovely, the scheme is part buy but the housing association don’t charge rent on their share. Awesome so far. They check suitability’s and yay im suitable so I can bid.


Get very excited as I crunch the numbers and it’s a whole third less than my rent even with the very worst case scenario poxy rate you get as the lenders are limited/ground service charge/building insurance. (got a very good credit rating so shouldn’t get to bad a rate but just in case)

Go round and view, it’s even better than I imagined. Alright it needs updating and its blinking storage heaters and it extends my commute a bit....... but is in a lovely location, a really good size for 2 beds, has loads of storage, no overlooking neighbours, totally private garden overlooking meadows and a driveway that takes two cars.

So advise I want to proceed and they send the paperwork though detailing what they need to proceed.

Application form
Suitability form
Bumf reminding you there are cost and fees
You will need a deposit

All expected until I realised it said of £40k, must be a misprint must be 4k. Rang them nope, 40k.

If I had a deposit of 40k I would not be buying a housing assoc house. Idjits. Its more than the 25 percent share the housing assoc would own. How is that affordable housing?

Their response to my incredulity was but the house price is reduced. Yup by 25% but you are asking double what my bank would deem a suitable deposit for a mortgage on the ENTIRE PROPERTY (without the share reduction) and I am limited to a terrible rate mortgage on it, to boot.

Arrrgggh.

jc808

Why can you 'not afford' a property?

Do you think the following criteria
-House (Semi)
-Large garden, drive etc
-Village location
-Overlooks fields

Might have something to do with it?

tbs624

Never mind , there's probably a Tesco superstore about to be built on those meadows...

adindas

Do your research on those area first.
There is a very good chance you will find that the flats/house that you are going to buy is overprice to a greater degree .....
Shareownership is notoriously known for overprice.

Tygermoth wrote: »

So I get a call today from my housing association who I have been on the list for a part buy for quite some time asking if i minded them passing my details on to another housing assoc who they think has a great match for me..

New housing assoc calls - They have a lovely 2 bed semi in a village, backs on to fields... and send me through a link. Wow its lovely, the scheme is part buy but the housing association don’t charge rent on their share. Awesome so far. They check suitability’s and yay im suitable so I can bid.


Get very excited as I crunch the numbers and it’s a whole third less than my rent even with the very worst case scenario poxy rate you get as the lenders are limited/ground service charge/building insurance. (got a very good credit rating so shouldn’t get to bad a rate but just in case)

Go round and view, it’s even better than I imagined. Alright it needs updating and its blinking storage heaters and it extends my commute a bit....... but is in a lovely location, a really good size for 2 beds, has loads of storage, no overlooking neighbours, totally private garden overlooking meadows and a driveway that takes two cars.

So advise I want to proceed and they send the paperwork though detailing what they need to proceed.

Application form
Suitability form
Bumf reminding you there are cost and fees
You will need a deposit

All expected until I realised it said of £40k, must be a misprint must be 4k. Rang them nope, 40k.

If I had a deposit of 40k I would not be buying a housing assoc house. Idjits. Its more than the 25 percent share the housing assoc would own. How is that affordable housing?

Their response to my incredulity was but the house price is reduced. Yup by 25% but you are asking double what my bank would deem a suitable deposit for a mortgage on the ENTIRE PROPERTY (without the share reduction) and I am limited to a terrible rate mortgage on it, to boot.

Arrrgggh.

Curitiba_Brazil

Thank you for your post. Only y/day I was completing the app form for a development in Surrey (...it sounds like it was the same idillic village which you applied to...). :j

Looked at the brochures, got really excited. :j :j
Then there was the 'have you been in arreas in the past 12 months' and the 'payment agreement' questions...then "how do you plan to pay for house purchase initial costs..."...not to mention that I'm already depressed enough that my credit rating is bad.

I work my socks off every single day with the not nice members of society. No benefits, only relying on my own good self. Dont take drugs, dont commit crime, dont procreate reclessly. Yet, not even this 'affordable housing' is affordable to me. What is the government doing for hard working people? :mad:

Counting the pennies and unable to save...is being a lodger all the luxury at my reach? Cos if it is, there isn't much to look fwd to...or I can make it more fun and live in a container! :A

19lottie82

Surely you didn't really expect to get a mortgage with bad credit? If you want to save for a deposit why don't you get a second job for a couple of years while building your credit history?

Curitiba_Brazil wrote: »

Thank you for your post. Only y/day I was completing the app form for a development in Surrey (...it sounds like it was the same idillic village which you applied to...). :j

Looked at the brochures, got really excited. :j :j
Then there was the 'have you been in arreas in the past 12 months' and the 'payment agreement' questions...then "how do you plan to pay for house purchase initial costs..."...not to mention that I'm already depressed enough that my credit rating is bad.

I work my socks off every single day with the not nice members of society. No benefits, only relying on my own good self. Dont take drugs, dont commit crime, dont procreate reclessly. Yet, not even this 'affordable housing' is affordable to me. What is the government doing for hard working people? :mad:

Counting the pennies and unable to save...is being a lodger all the luxury at my reach? Cos if it is, there isn't much to look fwd to...or I can make it more fun and live in a container! :A

BitterAndTwisted

What do you propose that the government should do to make housing affordable for hard-working people, and why do you think they should do it? With our money and yours.

billybear1

BitterAndTwisted wrote: »

What do you propose that the government should do to make housing affordable for hard-working people, and why do you think they should do it? With our money and yours.

Agreed, doesn't subsidized home ownership defeat the very point of ownership itself?

Bluemeanie_2

Going slightly off topic, one of the things I have never got with shared ownership houses (though I have to admit I have not looked into it hugely, just read a bit on rightmove etc) is that if you add your mortgage payment and the "rent" you pay to the co owner, it usually adds up to more that just getting a mortgage for all of it. Though i suppose they are designed to get around the deposit issue?

billybear1

Pretty much..... Also what is to stop them hiking the rent?