Shared Ownership

mije1983

Shellbobs wrote: »

you DO NOT have to explain yourself or your personal circumstances to them.

Totally correct. But then on the flip side the OP cannot stop people asking these questions if they post on an internet forum. I always say if you want people to agree with you ask your friends and family. If you want honest, and sometimes brutal, answers ask strangers. A lot of the time, although it may not seem like it, the latter are the most useful answers.

Shellbobs wrote: »

Had such types had the compassion/forsite to enquire about any specifics regarding say your location / family size / specific property needs etc

I'm not sure what location or property requirements have to do with anything currently. Whether the OP wants a 2 bed or a 5 bed, in London or in Newcastle, is rather immaterial as they have said they are over the cap. And they have already said they are looking for a property for 3 people so we can take it that is their family size.

5 different posters have asked about specifics of where the rest of the income is going but the OP hasn't given that information back. That is their prerogative.

However, saving for a house deposit usually involves sacrifices in lifestyle so if the OP could give some general answers then it would help people advise. I don't believe anyone is asking where the rest of the OP's income is going just to tear them apart, but to advise on how they could save for a deposit and get on the property ladder to get the family home the OP wants.

haras_nosirrah

I have specialised in shared ownership for 10 yrs and am on the panel of some housing associations.

If you aren't married you may be able to buy in one name and as you have a child you would still quality for up to 3 bedrooms.

With the affordability you would be expected to maximise your affordability up to 75% of the property value. If you can afford more than 75% of the property value according to the hca calculator then you would be deemed too affordable.

There may be an option on the open market. There is a lender who allows the borrowing of deposit as long as the repayments of the loan are factored into affordability. This may enable you to get on the open market.

Shellbobs

Personal circumstances are totally relevant; why should finding yourself in need; albeit on the cusp of criteria make anyone less justified trying to find out how exactly it works. Yes some of the later posts do enquire/reply with sensible questions/comments however they most certainly do not excuse the following....no matter how you try & dress it up as being “in context”.

• How can you possibly be struggling to get together a deposit if you earn between you more than the 80k cap? The shared housing is there for people who don't earn very much not for people who can't save. People who earn a lot less than you can save for a deposit. The cap is there because it is assumed that people who earn what you earn can save for the deposit.

• So where's the other £3k-odd per month going?

• I suggest that you reduce your outgoings in order to save for a deposit and leave shared ownership properties to those who do not have the luxury of earning your level of salaries.

• Do what everyone else who doesn't fit the criteria for shared housing do you buy non shared housing on the open market. You said in your OP that you were struggling to save for a deposit yet people who earn less than you and do fit the criteria for shared housing can save for a deposit. So the question is why can't you?

This is a page/forum which people have come to/posted on looking for help & advice; clearly because they find themselves in a financial/Housing related situation. Whatever their reason/need for posing the question; does it really deserve such sarcastic/arsey comments!!

Does anyone seriously think that someone earning a salary of £40/45k does not have the intelligence to understand the logic ‘spend less = save more’.

I’m pretty sure that of they wanted patronising advice they would have gone straigjt to their local estate agent/mortgage looking to buy on the open market!

mije1983

Shellbobs wrote: »

Does anyone seriously think that someone earning a salary of £40/45k does not have the intelligence to understand the logic 'spend less = save more'.

Having a well paid job certainly does not equate to having good common sense!

For example, I have a friend that is earning a lot more than I earn, and far far north of £40k, and is in a huge amount of debt. My debt consists of my mortgage and that's it. And it's precisely because they earn so much money that they are in debt. They know they are in a well paid job, so don't think they have to worry about money. They studied hard for their qualifications and worked their way up the ladder so you certainly could not doubt their intelligence, but their common sense is another matter!

Shellbobs wrote: »

This is a page/forum which people have come to/posted on looking for help & advice; clearly because they find themselves in a financial/Housing related situation.

And without disclosing where the other (at least) £3.5k is going every month, they won't be able to get it. Numerous posters have asked the question, and with an answer to it, then the OP may be able to get advice on how they can save for a deposit on the open market.

But the OP has had an answer to their original question, so they may not come back with any additional information.

Mermaid89

"For example, I have a friend that is earning a lot more than I earn, and far far north of £40k, and is in a huge amount of debt. My debt consists of my mortgage and that's it. And it's precisely because they earn so much money that they are in debt. They know they are in a well paid job, so don't think they have to worry about money. They studied hard for their qualifications and worked their way up the ladder so you certainly could not doubt their intelligence, but their common sense is another matter!"

I work in insolvency and this is so true!

diggingdude

mije1983 wrote: »

Having a well paid job certainly does not equate to having good common sense!

For example, I have a friend that is earning a lot more than I earn, and far far north of £40k, and is in a huge amount of debt. My debt consists of my mortgage and that's it. And it's precisely because they earn so much money that they are in debt. They know they are in a well paid job, so don't think they have to worry about money. They studied hard for their qualifications and worked their way up the ladder so you certainly could not doubt their intelligence, but their common sense is another matter!

Michael Winner said once, "you have to be very rich to be in as much debt as I am" :money:

the_quick

To answer main question for OP
NO - the key to the shared ownership is "household earnings", so unless your partner is not living with, only other option is to lie that you live alone.