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Shared Ownership Affordability Calculator and Universal Credit
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SharedOwnershipHopeful
Posts: 1 Newbie
Hi,
I’m hoping someone will be able to help me with a very frustrating problem I’m having with Home England’s affordability calculator. I have been looking into Shared Ownership for a while, and after finding out I am eligible for a large enough mortgage I enquired about a property and was required to complete the affordability calculator. I was very surprised when it came back as unaffordable, and have been told the form only accepts Working Tax Credits as a form of benefits, although I work, as a single parent, I also receive Universal Credit and was expecting to be able to include the full amount in the affordability assessment. However, I have been informed I can’t include any of the amount, because it’s not broken down into a Working Tax Credit equivalent?? Surely there must be a calculator to convert between the two? As it’s also won’t include Child Benefit, the Child amount of UC or my privately arranged Child Maintenance payments a lot of my income can’t be included.
All of these were accepted by the mortgage provider’s affordability check.
Is there anything I can feasibly do about this? I don’t understand the logic of only including a benefits system that is being phased out, and surely part of the reason for the specific child payments is to help house them.
Any advice or experience gratefully received! Thank you.
I’m hoping someone will be able to help me with a very frustrating problem I’m having with Home England’s affordability calculator. I have been looking into Shared Ownership for a while, and after finding out I am eligible for a large enough mortgage I enquired about a property and was required to complete the affordability calculator. I was very surprised when it came back as unaffordable, and have been told the form only accepts Working Tax Credits as a form of benefits, although I work, as a single parent, I also receive Universal Credit and was expecting to be able to include the full amount in the affordability assessment. However, I have been informed I can’t include any of the amount, because it’s not broken down into a Working Tax Credit equivalent?? Surely there must be a calculator to convert between the two? As it’s also won’t include Child Benefit, the Child amount of UC or my privately arranged Child Maintenance payments a lot of my income can’t be included.
All of these were accepted by the mortgage provider’s affordability check.
Is there anything I can feasibly do about this? I don’t understand the logic of only including a benefits system that is being phased out, and surely part of the reason for the specific child payments is to help house them.
Any advice or experience gratefully received! Thank you.
0
Comments
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This is something I have recently been looking into and not getting much joy!0
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What is your universal credit broken down in to on the invoicey/payslipy type things they give? Usually says 'child element/housing element etc'
If it doesnt particularly say then I would stick it under 'other' as this allowable income on the calculator. As long as you dont use the child or housing element you should be fine0
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