Savings for Shared Ownership

Magick

00ec25 wrote: »

so your actual question is:
do I lie, or do I tell the truth?

No, not at all that is awful, I came on here for help and advice and whether this option is one I can comfortably use. Why would you say this? I would like to buy a house and cannot afford it outright. I thought shared ownership might be helpful. I think surely we should only pay what we can afford. I am in tears right now. Shared ownership is an option open and wondered if it would be a sensible option for me. We can't be forced to spend what I am too scared to be left without. If my car fails I cannot get to work unless I can afford to get it repaired. I'm not trying to get more than I can afford. That would be wrong.

csgohan4

Magick wrote: »

No, not at all that is awful, I came on here for help and advice and whether this option is one I can comfortably use. Why would you say this? I would like to buy a house and cannot afford it outright. I thought shared ownership might be helpful. I think surely we should only pay what we can afford. I am in tears right now. Shared ownership is an option open and wondered if it would be a sensible option for me. We can't be forced to spend what I am too scared to be left without. If my car fails I cannot get to work unless I can afford to get it repaired. I'm not trying to get more than I can afford. That would be wrong.

perhaps SO is not for you, you are 100% liable for repair costs whether you own 40% for example. A new roof, boiler, their not cheap.




Don't push yourself, SO, H2B imho are scams


https://forums.moneysavingexpert.com/discussion/5901060/costs-of-shared-ownership

scd3scd4

I sat with my daughter about 3 months ago through out the interview


They check bank statements for earnings to confirm you are below the threshold for the scheme but at the same time check you can pay both the rent and mortgage. Of course they need to see you can pay all the fees and have that in saving.


My daughter had a nice deposit. They never asked how much more she had or anything related.


I don't recall any question regards how much saving you had in addition too the fees. They may have asked if she had a month or two in reserve nothing more.


Ohhh and my daughter still had saving but did not tell them how much more.

scd3scd4

We purchased our 3 bedroom home 24 years ago. We staircased to 100% and have nearly paid it in total.


Never had many issues. Only need one replacement boiler in all that time. They most definitely were not a scam in my view. There is no way we could have afforded my own home today.

cjv

I filled out a similar form last week for the property I am hoping to buy. It asked for two figures.. my total savings and my intended deposit amount.

Just explain to the IFA who does your assessment that your savings include an emergency fund and X amount will not be available for the deposit/fees.

Under the scheme you are obliged to buy the maximum share you can afford, but do not stretch your finances to the limit. Just be honest with them and they will help you, remember that you do not have to use the same IFA for your mortgage advice (or the vendors solicitor).

I too have a few thousand more than I intend to use for my deposit/fees, as an emergency fund. The last thing I wanted was to move in to a new home with close to zero in my bank account. It did not affect the share I applied for even though I could "afford" a higher percent if my total savings were used for the deposit.