Home Ownership

fieldsofnew

Hello, so after reaching out to citizens advice who cannot advise - and property developers who have no real interest in advising, I thought to ask here. Where I have always found support and help.

I have been on a journey with mental health and receive PIP and housing benefit with severe disability premium. I have been employed for three months now working as an activities coordinator for those with dementia and my employers say I do incredible work. I understand and care. 

I live in Suffolk and am trying to own my own home. I'm 34 and I really need to be paying into my own home now as I have personal ambitions to have children and work as a play therapist from home/as addition to employment. I don't have a lot of time. I have my degree and this is the next step I need to take. The right foundation for my life.

I've been researching shared ownership and equity loans and H.O.L.D and I'm not sure which is the best option. Realistically. I live alone. I earn around £15,000 per annum.

Today I am printing out letters to send to my MP, local council and parish, and potentially to developers also. I know of someone who is planning to build locally to where I am safe to live and I just wonder if I have the right information or affordable housing scheme to back me up that I might be able to present this to him as a way to buy one of his houses. 

I must say that I need a two bedroom house with a garden and conservatory to live a kind of life. I have lived in flats and one bedroom places since I was 16 and I just know that it no longer fits my life and way of working and being. Especially with my career and personal life aims. I don't think its too much to ask.


Please can someone help me to understand how I might move forward. I have some savings. I don't expect to see help from my family financially. I have other practical plans to make more income. Thank you in advance and happy new year xXx 

be safe 

 

Cher_Alumni

Hello @fieldsofnew and thank you for thinking us in relation to this question.

These are extremely challenging times for first-time buyers and I understand you wanting to take the next steps towards buying your own home.

Scope's 'Mortgage affordability and benefits' webpage contains useful advice regards shared ownership, things to consider when applying for mortgages and where to get local independent financial advice.  

I've also marked your post 'unanswered' to avoid it getting lost amongst other posts, and to give us a bit more time to think about advice   

Well done you for being so determined that you are writing to your local MP, etc.  I really admire that and have my fingers crossed for you getting your own home.  

woodbine

It has to be said i'm afraid that an income of 15k and only a very recent employment history won't get you much of a mortgage if any, any benefits you receive won't be counted as income, and i'm also sorry to say that lenders have tightened their purse strings due to CV19.

I would also assume that a property in suffolk would be expensive.

I'm sorry if this all sounds negative and isn't what you were hoping to hear but i'm afraid its the truth, most lenders are now looking for a 40% deposit and will normally lend 3x income (exc.benefits).

EricaMcD

I know that mortgage lenders normally require quite a lot as an initial deposit on a place and will usually lend up to 4 times a person's salary. I know lenders usually have a minimum length of time you have been employed before they will consider you for a loan.  Have you considered approaching a housing association?  Good luck with your search.