Shared Ownership as a single applicant

csgohan4

OnlineAlex wrote: »

It's £16,475 before tax.

My monthly take home is £1136 after tax, NI and pension.

Thank you for being so helpful.

Alex

That's too low, have you considered you are responsible for 100% of maintenance for the flat? Boilers. roofs, HA repairs e.t.c


continue to save

streetlovin

Slithery wrote: »

Taking on a lodger isn't subletting.

Subletting is when you move out and let the entire property to someone else.

Perhaps I misunderstood the question. The OP asked if it can be 'sublet' then used taking on a lodger as an example.

OnlineAlex

Thanks again guys for your brilliant replies. They have been the most helpful.

I had been feeling awful about buying a car (despite it's necessity), but now I have confirmation that I wouldn't be able to pass the affordability calculator with or without the loan I feel strangely more settled. My Ex's ability to apply for a mortgage as a sole applicant was a blow as it's not possible for me. However some sole searching coupled with your kind and helpful messages has helped me see this as an opportunity to further my career, which is exactly what I am planning to do.

Thanks everyone,
Alex

SuboJvR

OnlineAlex wrote: »

Thanks again guys for your brilliant replies. They have been the most helpful.

I had been feeling awful about buying a car (despite it's necessity), but now I have confirmation that I wouldn't be able to pass the affordability calculator with or without the loan I feel strangely more settled. My Ex's ability to apply for a mortgage as a sole applicant was a blow as it's not possible for me. However some sole searching coupled with your kind and helpful messages has helped me see this as an opportunity to further my career, which is exactly what I am planning to do.

Thanks everyone,
Alex

Your car does sound expensive; if you do want to focus on buying a house in the near future you could definitely get away cheaper on a car. You would be able for example to sell the car, possibly even trade it in at a dealer (if they would agree to settle your outstanding loan amount) etc.

I'm not sure how much deposit you would need for shared ownership - completely clueless on SO I'm afraid - but you could even utilise your savings to either buy a car outright or settle a big chunk of your loan if your current car is a definite keeper. It may take you a little longer to get on the ladder but having that all paid for would be good in the long run.

I don't practice what I preach mind, having been paying car finance for years!

csgohan4

nothing wrong with a 1000 pound banger, had one for 8 years