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Catch 22- Shared ownership- confused millenial ! Rejected by HA for earning to much but below 90,000

24

Comments

  • mmlady12
    mmlady12 Posts: 18 Forumite
    edited 6 August 2018 at 7:04PM
    Sigh


    I am not being a drama queen about the situation or complaining at how unfair life is. I am just a bit annoyed and was complaining that I fall into a grey area of millennials who have worked super hard to get to a good stage and earn a good amount a year.. but certain schemes are not accessible to me .. despite shared ownership eligibility criteria being 90,000 on the government website.


    and yes the other candidates probably earn 46,000 - 48,000 making them eligible


    HTB is an option..but when I did the calculations.. I would be spending around 1800-1900


    e.g on average new 2 beds in north London go for 450,000.


    1. I try to by 80% that's £360,000
    2. Equity loan £90,000
    3. Mortgage ££337,500 (after deposit has been removed)
    4. on a 4.8% interest that's around 1900 a month
    leaving me with 600 on bills/council tax and other expenditure. which I might be able to manage just about


    It is hard for young single people.. I am not trying to be a spoilt millennial.but a lot of my peers are struggling.. these schemes wither work if you are a low earner or you have a partner and have a joint income..


    I have none of those at the moment.. single as hell!!!
  • mmlady12
    mmlady12 Posts: 18 Forumite
    yes i think i will take your advice... thanks for your suggestions


    i need to look outside of London..because it will be much easier to find a 2 bedroom for 220k.. its just I don't want to have to travel for ages into work and pay more for travel... its give and take isn't it... sigh.. I can't win can I...


    I will also continue looking at other shared ownership properties.


    I have seen a one bedroom house for 305,000 and the equity being sold is also 60% so 183,000 but i think it is Overpriced for one bedroom in north London


    I just need too move out of mum and dads house soon......relationship is a ticking time bomb and want to leave before it explodes...
  • lookstraightahead
    lookstraightahead Posts: 5,540 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    Try being ......

    A divorcee
    A single parent
    A victim of the housing crash
    Paying 15% interest on your mortgage in the 80s
    Self employed
    No first time buyer incentives

    I could go on. Some people are all of these. I'm really sorry but as an ex Londoner what I see is someone who had choices. Move out a bit and commute. You sound like you're doing well, don't blame the government for the slight inconvenience.
  • lookstraightahead
    lookstraightahead Posts: 5,540 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    And ... you actually do have parents who are supporting you. Lots don't.
  • Klr005
    Klr005 Posts: 23 Forumite
    mmlady12 wrote: »
    Sigh


    I am not being a drama queen about the situation or complaining at how unfair life is. I am just a bit annoyed and was complaining that I fall into a grey area of millennials who have worked super hard to get to a good stage and earn a good amount a year.. but certain schemes are not accessible to me .. despite shared ownership eligibility criteria being 90,000 on the government website.

    You don't fall into a grey area. The scheme is accessible to you. You already said you've been accepted by the HA for SO, you're just not 1st in line for this particular property.

    Be patient and stop complaing that there are others deemed more in need than you. People are in queues for homes all around the country.
    Perhaps the problem with milennials is their sense of entitlement?:think:
  • mmlady12
    mmlady12 Posts: 18 Forumite
    point taken.


    I will continue my search and broaden the search as London is too expensive.
  • mmlady12
    mmlady12 Posts: 18 Forumite
    but how is someone who earns less than me more in need? since that is the only difference between the 1st/2nd and 3rd on the priority list.. what the HA is basically telling me is i earn to much relative to the others who applied.. that's what i thought was unfair..but i understand now after thinking about it that they might think i would be able to afford to rent somewere more so than someone who is on a lower salary.. which makes sense and is a fair statement.


    they were given priority because they have a lower annual income..that did not seem fair to me not as they could have bank of mum and dad given then a deposit of 50,000 to put on the flat.. but i kind of get it now.. as other people have pointed out


    I don't feel entitled.. i just wanted to hear other peoples views on the situation I was in and get opinions and advice.
  • mmlady12
    mmlady12 Posts: 18 Forumite
    edited 6 August 2018 at 7:32PM
    but i appreciate the comments and advice. I am not a spoilt or entitled young person.. just trying to get onto the property ladder sooner rather than later.


    x
  • lookstraightahead
    lookstraightahead Posts: 5,540 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    There are also people who can't live with their parents as well, so be thankful for what you do have, and the good things that have helped you get to where you are today (including your own hard work). I couldn't afford to live in London either when I worked there. I had a 2 hour commute each way. I left my flat at 6am and often got home at 10pm when I worked in the city. During the IRA bomb scares even later. Wish I could still walk the 2 miles to the station as quickly ha ha! I remember dropping my stiletto into the line getting on the train. That was an interesting journey across London.
  • mmlady12
    mmlady12 Posts: 18 Forumite
    lookstraightahead wrote: »
    There are also people who can't live with their parents as well, so be thankful for what you do have, and the good things that have helped you get to where you are today (including your own hard work). I couldn't afford to live in London either when I worked there. I had a 2 hour commute each way. I left my flat at 6am and often got home at 10pm when I worked in the city. During the IRA bomb scares even later. Wish I could still walk the 2 miles to the station as quickly ha ha! I remember dropping my stiletto into the line getting on the train. That was an interesting journey across London.


    hehe! different times completely- i may never understand your struggle back then but appreciate the context. I am not living rent free btw- I pay 500 a month, pay the internet & phone bill and do my own food shop as my mum is unemployed and can't pay the rent with her HB.
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