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Shared Ownership Question
homeless9
Posts: 375 Forumite
What are Housing associations like to deal with? I have read that they pay regular visits.....
For one particular shared ownership home i am interested in.....my hope was to buy the minimum share outright and then keep a lot of money in my bank to dip into to pay the final 20% of my outgoings each month that my income would not cover.....they didn't allow this.....they wanted me to get my income up - so I got another job and now they have accepted me.....
My plan may be to quit the new job I just got and do as I wanted.....just use my other income and savings to pay for my outgoings. This would be a short/medium term thing. As I am self employed and I'd rather focus on building my business rather than doing this annoying other job I had to get to satisfy the housing association.
I am just wondering if they somehow track your job / income situation? maybe they want to see bank statements every so often?
I don't want to commit to buying the house and then when they come knocking to check on me - they make a fuss and force me into another 2nd job.
I hope they don't go that far in checking on you, unless you are not paying the rent.
Anyone with any idea about this, it would be good to hear from you, thanks.
For one particular shared ownership home i am interested in.....my hope was to buy the minimum share outright and then keep a lot of money in my bank to dip into to pay the final 20% of my outgoings each month that my income would not cover.....they didn't allow this.....they wanted me to get my income up - so I got another job and now they have accepted me.....
My plan may be to quit the new job I just got and do as I wanted.....just use my other income and savings to pay for my outgoings. This would be a short/medium term thing. As I am self employed and I'd rather focus on building my business rather than doing this annoying other job I had to get to satisfy the housing association.
I am just wondering if they somehow track your job / income situation? maybe they want to see bank statements every so often?
I don't want to commit to buying the house and then when they come knocking to check on me - they make a fuss and force me into another 2nd job.
I hope they don't go that far in checking on you, unless you are not paying the rent.
Anyone with any idea about this, it would be good to hear from you, thanks.
0
Comments
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Once they have sent you the offer letter, they will not regularly check your income. You have successfully passed the criteria at that time. It is up to you to be able to pay the mortgage and rent and service charges. Having said that, different Housing Associations might have different rules.
Additionally:
"My plan may be to quit the new job I just got and do as I wanted....."
Is that a good plan? Does not sound like a plan a mortgage provider would like.0 -
OP has now quit their job.0
This discussion has been closed.
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