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Shared Ownership

Afternoon all,


I have been looking in to shared ownership for myself and my partner (and 1 year old) as struggling to get together deposit.
Our combined wage is more than the 80k cap however, but mine alone is not. Does anybody know if its possible or have any advice on how easy it would be to (if possible) to do it alone, when my partner will be living there.


Thanks
«1

Comments

  • Cakeguts
    Cakeguts Posts: 7,627
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    How can you possibly be struggling to get together a deposit if you earn between you more than the 80k cap? The shared housing is there for people who don't earn very much not for people who can't save. People who earn a lot less than you can save for a deposit. The cap is there because it is assumed that people who earn what you earn can save for the deposit.

    Where are you living at the moment?
  • Renting at the moment, trying to get to £20-30k needed for a deposit is difficult when you're paying over £1k a month rent, but thanks for the constructive response.
  • hazyjo
    hazyjo Posts: 15,468
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    So where's the other £3k-odd per month going? :think:


    Can you not save a thousand or so a month with tightened belts?
    2023 wins: *must start comping again!*
  • Cheeky_Monkey
    Cheeky_Monkey Posts: 2,072 Forumite
    On a combined wage of more than £80k, you should have no trouble whatsoever saving for a deposit so you are obviously spending a lot of money on your lifestyle.

    Even your rent amount is not that high compared to your salaries.

    I suggest that you reduce your outgoings in order to save for a deposit and leave shared ownership properties to those who do not have the luxury of earning your level of salaries.
  • To try to answer your question, I'd say this will be very difficult.


    If you apply as a single person, you may find you are not eligible for a 2-bed property (it depends on the demand for the homes), or you'll be given a lower priority than those who can demonstrate the need for 2 bedrooms.


    You'll have to convince not just the mortgage company but also the housing association that you, as a single person, can afford it on your income - and then not have your partner on the mortgage or tenancy.


    Have you costed the whole thing, based on just your salary? I.e. rent + mortgage + service charge? What is the ratio of your monthly pay to those outgoings? What about any debt you're servicing? Many housing associations will want to do a detailed financial assessment before you get anywhere close to applying for a mortgage - if they even suspect you can't afford it by yourself, they won't let you apply.
  • Cakeguts
    Cakeguts Posts: 7,627
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    So you have just over£4.5k per month out of which you pay £1.5k in rent? That leaves £3k per month to pay for everything else. You have just under £700 per week after rent and just under £100 per day. Where is it all going?

    You have got to know this because you need to know if you can afford the mortgage and the saving for repairs. The problem with shared ownership is that you only own a percentage of the property but you are liable for 100% of the cost of the repairs so basically if you can't afford to save for a deposit you can't really afford to save for repairs so unless you change something about your lifestyle spending that allows you to save more money home ownership is going to be too expensive for your spending habits.
  • A lot of assumptions about my lifestyle and lack of ability to save here.... Wasn't really the question, more surrounding the shared ownership scheme which I saw a way to try and get on the ladder and buy a family home.
  • Cakeguts
    Cakeguts Posts: 7,627
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    Paolod wrote: »
    A lot of assumptions about my lifestyle and lack of ability to save here.... Wasn't really the question, more surrounding the shared ownership scheme which I saw a way to try and get on the ladder and buy a family home.

    Yes it is a way to buy a family home for people who don't earn enough to buy on the open market. That is why there is a cap. You don't fit the criteria because you earn too much to be offered shared housing so you do what everyone else who doesn't fit the criteria for shared housing do you buy non shared housing on the open market.

    You said in your OP that you were struggling to save for a deposit yet people who earn less than you and do fit the criteria for shared housing can save for a deposit. So the question is why can't you?
  • hazyjo
    hazyjo Posts: 15,468
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    Paolod wrote: »
    A lot of assumptions about my lifestyle and lack of ability to save here.... Wasn't really the question, more surrounding the shared ownership scheme which I saw a way to try and get on the ladder and buy a family home.
    Forums are made up of assumptions and generalisations unless posters provide more info. We're not psychic. You say you have £80k+ pa coming in, and a grand or so going out on rent. I think it's a more than fair (and obvious!) question to ask where the other £3k or so is going if we're to help or advise. I made no presumptions on your lifestyle.
    2023 wins: *must start comping again!*
  • Hiya,

    Unfortunatley there seems to be a selection of narrow minded keyboard warriors who are too quick to judge posting comments on this thread.

    Don!!!8217;t feel obliqued to respond back to these nasty comment, you DO NOT have to explain yourself or your personal circumstances to them. Had such types had the compassion/forsite to enquire about any specifics regarding say your location / family size / specific property needs etc. then perhaps they would not have been so quick to judge by their own assumptions.

    Personally & somewhat unfortunatley for me; I live/work in an area where the postcode costs due to the celebrity housewives/footballers associated with the areawhich means I am currently paying almost 40% of my salary just on rent alone. Not to mention the starting price of new build properties on any local developments:

    !!!55358;!!!56599;!!!55358;!!!56599;
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