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Confused - Shared ownership: Income increase between application and offer

I'm new to this forum and have an urgent question regarding a Shared Ownership property.
I applied for a Shared Ownership new build earlier this year and passed the affordability test and financial assessment. I have just been notified on Monday that my application was successful - which is exciting as I had very low hopes of actually getting the property.
Issue now is that my salary has only just increased by £10k over the max. salary - to reflect managing two additional members of the team. That said - my company is in discussions about a potential 15% pay cut due to the current situation. It's all a bit confusing. I'm not sure how to proceed with the Shared Ownership mortgage application now. I intend to provide all the facts and supporting documents; as well as disclose the potential pay cut. Any advise would be greatly appreciated.


  • md258md258 Forumite
    153 Posts
    100 Posts First Anniversary Name Dropper
    So as far as I can see, there's no issue with the mortgage side of things and it's all to do with the shared ownership part.

    If I read your message correctly, when you offered on the property and that was accepted, you were earning below the maximum salary they'd accept. Since then you've has a pay rise and you now earn too much.
    I'd say your options are
    * come clean to the shared ownership company. It will probably mean that you can't get the property and lose any money already spent.
    * don't tell the shared ownership company. They may well find out when the solicitor sees payslips etc and then pull out at a later stage, when you've spent more money
    * ask/volunteer to take a temporary pay cut. If the pay cut happens, it may allow the purchase to proceed, but the scheme is designed to allow lower earners to get on the property ladder. By doing this, you make it more likely that future people won't be able to benefit from these schemes.

    As your income has now risen, does that mean that you can now afford a property that isn't Shared Ownership? If so, that would be the option that I'd choose.
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