We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Shared ownership possibly 'too affordable'
Comments
-
There is a Government Shared Ownership affordability calculator. It's an Excel spreadsheet. The parameters are fixed into it and you enter the applicant details.
It confirms affordability and the maximum % share which can be afforded.
It can be downloaded from the HCA website. At least that's where I got mine from.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Seems like another tool to ration a limited resource and ensure that it gets to those who need it most, which I can't see too much of a problem with.
The problem with a single threshold figure (for example household income of £60k) is that there will always be those who fall just the wrong side of the line - income of £59,999 p/a and you're fine, £60,001 and you're not, yet that £2 per year doesn't make a material difference in lifestyle.
Sorry that the OP is the one on the borderline, but it's a limited resource, and others are more in need that they are...0 -
kingstreet wrote: »There is a Government Shared Ownership affordability calculator. It's an Excel spreadsheet. The parameters are fixed into it and you enter the applicant details.
It confirms affordability and the maximum % share which can be afforded.
It can be downloaded from the HCA website. At least that's where I got mine from.
Do you answer to my question?0 -
I wasn't going to, no.
I'm a mortgage broker. I'm not a Government Housing Policy specialist and don't really want to get involved in a discussion about subsidised rent.
Sorry.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
-
I thought I would come back and update.so it turned out anything less that 100% was too affordable, so we've been allowed to buy 100% of the shared ownership property! It's probably the best outcome we could have hoped for, although having to borrow a little from family to help with a deposit. It's a shared ownership resale, so wonder if they were able to flex the rules.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.3K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.4K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards