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Cant afford affordable housing...
scooby75
Posts: 800 Forumite
After my application was considered, I just got a letter saying that the properties are out of my price range, which confuses me.
With the deposit I have, and the monthly disposable income I have, I can pay £600 a month, but apparently I can't afford more than £370 (my council rent is £380 which I manage comfortably).
Can someone tell me !!!!!! is going on?
With the deposit I have, and the monthly disposable income I have, I can pay £600 a month, but apparently I can't afford more than £370 (my council rent is £380 which I manage comfortably).
Can someone tell me !!!!!! is going on?
Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
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Comments
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Afforable housing is a fake, the only thing affordable is solely in the title. So called affordable housing schemes such as Newbuy, shared ownership, shared equity are designed to get you into more debt than you can afford normally whilst propping up inflated house prices.
My advice is keep saving that deposit, wack it in the best/highest interest account (see the MSE best buy table on this site for help) and cut your out goings to save more. As you save more house prices will keep falling and you will get there in the end.
You had a lucky escape, many people on this site have been burnt by these so called affordable schemes.
Good luck.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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After my application was considered, I just got a letter saying that the properties are out of my price range, which confuses me.
With the deposit I have, and the monthly disposable income I have, I can pay £600 a month, but apparently I can't afford more than £370 (my council rent is £380 which I manage comfortably).
Can someone tell me !!!!!! is going on?
It is probably to do with the fact that your mortgage payment could vary, they may have worked out your affordability based on a higher interest rate and then extrapolated the current monthly payment based on current rates.0 -
What's your annual income and do you have any debts outstanding?0
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I've one disputed debt (on amount, not the existence of debt but that will soon be gone) and my student loan - that's it. My annual income is just over £22K.
My problem is that I need to move out of here quickly, but can only afford to move once. I can't stand living where I am (please don't ask why - I've discussed it before and not discussing it again) and want out, so saving more than I already have (£5K) is out the question becasue I am not prepared to stay here longer than I have to.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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