SLLM (Single Lady Large Mortgage)

Sistergold

slm6002 said:

As I seem to be struggling to get a mortgage at the moment due to most of my income being benefits, is the part buy part rent scheme mainly positive from you all (those of you that have had them)?  I'm not even sure if i could get one this way either but might be worth looking at them.  I always thought they were no good, but maybe that was because I didn't really know much about them.  Would it be easy to get to 100% ownership or do they try really hard to keep hold of some of it? Thanks in advance

Hello @slm6002
Laddies on here have shared some shared ownership success stories. I have never had a shared ownership myself but if I was not able to buy-in on my own I would definitely consider them. I just believe whatever you can get is better than what you want but can not get. 

I think once the shared ownership contractually allows you to buy more then even if there are huddles you should be able to cross them and buy more shares. Hopefully other laddies who have the experience of what you want to know will share their experiences. 

Also

1. Have you talked to a mortgage adviser as they have vast experience, they will know which lenders consider benefits? 

2. Can you increase your income by any chance so that your main income is not “mainly benefits”? 

HelloB

Good morning ladies!

@slm6002 Have a look at this website for obtaining a mortgage on benefits.  https://www.justmortgagebrokers.co.uk/mortgages/can-i-get-a-mortgage-on-benefits/

I would call them up and find out which mortgage lender is likely to lend to you based on your situation.  Don't use the broker and go direct to apply.  You're not then spending £1-1.5k for an IFA, like I did (I wished someone slapped me and told me I can just go direct).  

@Sandyra I had no idea that with SO you can elect to defer SDLT payment. Which makes it ideal if one's intention is never to exceed 80% ownership.  Learnt something new today.

Links to help us check the correct tax to pay:

1. For PAYE salaried employees. https://www.thesalarycalculator.co.uk/salary.php 
2. For contractors outside of IR35 (HMRC extended reform until April 2021).  https://www.contractorcalculator.co.uk/dividend_tax_calculator.aspx
3. To understand tax codes. https://www.gov.uk/tax-codes

Sistergold

@HelloB
Thank you so much for above information I am sure it will make good bedtime reading. 

HelloB

@Sistergold If you or anyone needs help deciphering how to enter amounts in the calculators, just ask here or PM me. In fact I did a check for myself, since I knew my work was not deducting enough tax. I needed to know how much to put aside when HMRC catches up. 

Ladies, please join me virtually in celebrating today's final overpayment this year! Hit the 10% threshold, so now I can save up for my EF. 

Sistergold

@HelloB
Thank you for offering to “look after me” with regards to figures! 🥰
Welldone for reaching your annual max OP 10% repayment! You are doing so well keep it up! 

XX 

frankersBri

Well done @HelloB, 10% threshold reached less than halfway throug the year; kudos!

sofarbehind

Oh great news on the tax refund SG! You are doing so well with your OPs, you are really inspiring me to keep my focus on Oping.

@Sandyra - £96 is a very nice boost! I didn't realise that you could get a refund on professional subscriptions, I think that I might be able to make a claim. Thanks very much for educating me!  I am thinking of seeing a career coach (ouch expensive!) and she mentioned that you can reclaim the fees as a professional expense...so perhaps it would be less expensive than I think.

Sandyra

@sofarbehind yeah definitely! luckily I found out early in my teaching career, as the HMRC will only go far back 4 years. They give a % back as part of personal allowance, so the £96 was a few years of where the tax code was slightly out as the subscription rate had changed.

@HelloB great news on the 10%, I don't have an overpayment threshold on my tracker, although I don't think I'm ever gonna exceed 10% any time soon, if I can get to £230,000 by the end of the year I'll be happy. Have you joined the Save 12k in 2020 group for your EF? I'm splitting my extra money between OP and EF.

@Sistergold how the OPs going? 

Sistergold

@Sandyra
OPs are going well £115 went today but I checked and it has not reflected yet, will check tomorrow. 

Even me I don’t think this year I will make OP of 10% even though I don’t have a cap. It seems 10% is a fair limit for most people and many can not achieve it,
so @HelloB we are all officially giving you a pat on the back! 🥳

Sistergold

@sofarbehind thanks
Please tell us how the coaching goes and how it impacts on your career. 

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