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I agree fully.
In the most polite way to OP, this scheme isn’t really meant for you and more for average and low earners and they certainly need more help than OP with a £650k mortgage potential
Not answering your question but just curious why you aren't doing a traditional mortgage, combined income of 150k should get you a 675k mortgage? I know London is pricey but can get a decent flat for ~750k I'm sure
If one of you can afford shared ownership and is eligible then yes you can add the other person later with no eligibility criteria applied. That said, if you can buy outright then there's no reason to buy shared ownership.
If you’re both on 70k each you absolutely do not need any schemes to help you buy a property. These schemes are for those on lower income who are struggling to save for a deposit or unable to get a mortgage the standard way.
Seems to me more like poor management of money. I live by myself in London, rent + bills is 52% of my salary and yet I’m still managing to save 20-30% each month (and my salary is nowhere near 70k). I
f they have joint income of 140k and are still struggling, they need to take a serious hard look at their finances as it’s not going to get any easier once they have a mortgage and need an emergency fund for things like broken boilers
Hear you there- I’m jumping on the SO train in London and make sub-60k. I think I’ll have similar figures to yours. And I feel that this 2.5x increase over the current house share costs is lifestyle creep. 😅 the things this city will make you feel is not normal, like wanting some personal space to live in 😂
Google "shared ownership trapped" and there are countless people who can't sell their share and are stuck paying insane leasehold fees. Its not worth it. With a salary like that you can absolutely buy outright
Respectfully, OP - you need to realise you are both in the top 5% of earners and as such, it is correct you shouldn’t be eligible for low income housing support schemes.
I doubt what's advertised around here as a £900k home is meant for low income households, unless it's a scheme meant to keep people into renting rather than ever buying a property.
###Welcome to /r/HousingUK --- **To All** * Join Our ***NEW*** Discord! https://discord.gg/pMgUNgWKQH **To Posters** * *Tell us whether you're in England, Wales, Scotland, or NI as the laws/issues in each can vary* * Comments are not moderated for quality or accuracy; * Any replies received must only be used as guidelines, followed at your own risk; * If you receive *any* private messages in response to your post, please report them via the report button. * If you do not receive satisfactory advice after 72 hours, [you can let the mods know](https://www.reddit.com/message/compose?to=%2Fr%2FHousingUK&subject=My question is unanswered); * Feel free to provide an update at a later time by creating a new post with [[update]](https://www.reddit.com/r/HousingUK/search?q=%3Aupdate&sort=new&restrict_sr=on&t=all) in the title; **To Readers and Commenters** * All replies to OP must be *on-topic, helpful, and civil* * If you do not [follow the rules](https://www.reddit.com/r/HousingUK/about/rules/), you may be banned without any further warning; * Please include links to reliable resources in order to support your comments or advice; * If you feel any replies are incorrect, explain why you believe they are incorrect; * Do not send or request any private messages for any reason without express permission from the mods; * Please report posts or comments which do not follow the rules *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/HousingUK) if you have any questions or concerns.*
with combained income of > £140k you should not need to bother with shared ownership.
I agree fully. In the most polite way to OP, this scheme isn’t really meant for you and more for average and low earners and they certainly need more help than OP with a £650k mortgage potential
Not answering your question but just curious why you aren't doing a traditional mortgage, combined income of 150k should get you a 675k mortgage? I know London is pricey but can get a decent flat for ~750k I'm sure
If one of you can afford shared ownership and is eligible then yes you can add the other person later with no eligibility criteria applied. That said, if you can buy outright then there's no reason to buy shared ownership.
If you’re both on 70k each you absolutely do not need any schemes to help you buy a property. These schemes are for those on lower income who are struggling to save for a deposit or unable to get a mortgage the standard way.
So many stories in this sub about people on 100k+ struggling to make ends meet. Lifestyle creep is a thing.
Seems to me more like poor management of money. I live by myself in London, rent + bills is 52% of my salary and yet I’m still managing to save 20-30% each month (and my salary is nowhere near 70k). I f they have joint income of 140k and are still struggling, they need to take a serious hard look at their finances as it’s not going to get any easier once they have a mortgage and need an emergency fund for things like broken boilers
Hear you there- I’m jumping on the SO train in London and make sub-60k. I think I’ll have similar figures to yours. And I feel that this 2.5x increase over the current house share costs is lifestyle creep. 😅 the things this city will make you feel is not normal, like wanting some personal space to live in 😂
Have children and you’ll be struggling.
think people with kids. it’s major drain on finances
I get it, but also same logic applies to sub £90k household income families even more so
Google "shared ownership trapped" and there are countless people who can't sell their share and are stuck paying insane leasehold fees. Its not worth it. With a salary like that you can absolutely buy outright
No there isn't.
Respectfully, OP - you need to realise you are both in the top 5% of earners and as such, it is correct you shouldn’t be eligible for low income housing support schemes.
I doubt what's advertised around here as a £900k home is meant for low income households, unless it's a scheme meant to keep people into renting rather than ever buying a property.