Metro Finance Shared Ownership Affordability Caculator

WLITC

Does anyone have experience of using the Metro Finance shared ownership affordability calculator? The initial outcome of mine on Friday (which is an instant computer generated result) was that I could buy 26% of a £325k property, but that doesn't add up in my mind basics on a number of factors below. I called them and they said they would call back once its being properly assessed (as opposed to the bot) but I didn't hear back Friday.
What is confusing is on the price list it give an approx min salary needed for each of the different flats/prices and it suggests £41k for this flat and I am earning well above that and have a annual bonus that also gets counted. I have zero debt so that shouldn't impact the calculation and I suggested I'd put down a 10% deposit. Other puzzling thing is I did a similar affordability assessment last autumn with a different financial assessment company but same housing association and for exact same full market price of £325k and it passed fine.

Any thoughts? I will call them first thing on Monday, but its got me worried that my hopes of buying and no scuppered.

haras_nosirrah

I am a shared ownership mortgage specialist on the panel of two london housing associations. I have the calculator as I do assessments for hyde new homes and Clarion housing association so if you want me to check figures then let me know

WLITC

haras_nosirrah wrote: »

I am a shared ownership mortgage specialist on the panel of two london housing associations. I have the calculator as I do assessments for hyde new homes and Clarion housing association so if you want me to check figures then let me know

Thanks, that would be amazing. :j I have PM'd you my info.

cjv

https://assets.publishing.service.gov.uk/media/58d55b72e5274a06b300000e/Shared_Ownership_Sustainability_Calculator_-_June_2017__FINAL_.xls

Have a play around with that

WLITC

Thanks all, just posting outcome in case someone has a similar question in the future. Turns out the automated system isn't perfect and they have suggested I can buy a 40% share and have approved me. :beer: