Shared Ownership - Financial Circumstances Changed

HuniBunch

Hi all. 

I was looking for some advice.

I moved into my shared ownership house in July.  I only own a small share of the house, I think it’s 15% so the mortgage is quite low. 

I was made redundant in November. I am now claiming UC and JSA.  I am also going to be applying for PIP and am waiting to be referred for the health consultant. I have been struggling with ill health for a while so unfortunately it’s a route I need to go down. I don’t want to give up work completely so if they agree I am capable to do a few hours a week that would be helpful. 

However, I am in an awkward situation now with my rent and mortgage.  UC will pay most of my rent so I think I will only have a 14% deduction as I live alone but it’s a 2 bedroom house.  My concern is the mortgage. I can put away my JSA money for this but this is only paid for 6 months. 

My ultimate question was, I know that you can downstair case but as I’m at the lowest can I 1) go any lower or 2) rent the house fully from the housing association? 

Also, I’m not aware of any help towards mortgage payments or any other financial help so this would be welcomed if anyone has any advice

thanks in advance 

DE_612183

have you spoken to the HA?

most of these have different T&Cs and even could vary site by site - speak to them first.

gwynlas

If you have a 2 bed house please consider letting the second room until you find a new job.

You can do this undeer rent a room scheme tax free. 

There is a lot of guidance on the  forum about lodgers

HuniBunch

Thank you. I will speak with the housing association direct 

EssexHebridean

gwynlas said:

If you have a 2 bed house please consider letting the second room until you find a new job.

You can do this undeer rent a room scheme tax free. 

There is a lot of guidance on the  forum about lodgers

The OP must check the terms of their lease to be sure this is allowed though - at the least they may have to formally request permission from the HA.