want to start renting a place or get a mortgage soon, anyone know if im entitled to any help?

27 replies
Found 28th Mar 2009
i work 35 hours a week (basic but do overtime) but only get minimum wage so obviously if i dont get help i wouldnt be able to afford it. is anyone in roughly the same situation money wise and what would i be entitled to receive (if anything)?

  1. Misc
  2. Mortgage
26 Comments

Sloth/Mod

If you are on minimum wage then i'd say forget all about a mortgage........you'd struggle to find a lender.

Buying on your own? probably struggle to get a lender,
could look into shared ownership schemes in your area?

entitledto.co.uk/ might be somewhere to start.
I'm not really sure on the mortgage side of things although a large deposit might help or look into shared ownership. It's pretty hard for anyone getting a mortgage right now. As for renting well it would probably be cheaper renting a room with friends or looking at ads online (gumtree.com / spareroom.co.uk /uk.easyroommate.com)

Original Poster

makes me laugh cos sometimes you pay less on a mortgage than rent!

Sloth/Mod

donnaraine;4763944

makes me laugh cos sometimes you pay less on a mortgage than rent!



True.........my mortgage is less than a third of what the property would be to rent.

Have a look at [url]www.ownhome.co.uk[/url] its not shared ownership in a traditional sense but allows you to buy on the open market at a fair price with them assisting in lending you the deposit, the only condition is you have to have a mortgage with the co-op. The money is interest free for 1st 5 years then minimal interest for a period of upto 25 years before replayment is due.

Original Poster

Syzable;4763953

True.........my mortgage is less than a third of what the property would … True.........my mortgage is less than a third of what the property would be to rent.



what about if i bought the cheapest house i could find? lol i really really dont want to rent, rather get a cheap cheap house that needs work than rent

Sloth/Mod

donnaraine;4763972

what about if i bought the cheapest house i could find? lol i really … what about if i bought the cheapest house i could find? lol i really really dont want to rent, rather get a cheap cheap house that needs work than rent



Depends on the local house values where you are.........but banks etc are just not lending at the moment unless it's a cast iron guarantee that there is no risk involved. Give it a year or two and it will pick up again.

My other house that i rent out pays the rent on both mortgages...........rental market is still good.

Original Poster

Syzable;4763999

Depends on the local house values where you are.........but banks etc are … Depends on the local house values where you are.........but banks etc are just not lending at the moment unless it's a cast iron guarantee that there is no risk involved. Give it a year or two and it will pick up again.My other house that i rent out pays the rent on both mortgages...........rental market is still good.



well it will be at least a year til i move out anyway, im just wanting to know the basic facts if i could do it on my own. at the minute im learning to drive so need to get that out the way and have a car paid off first so i have more money to go towards a house

Banned

you would nice a decent deposit at least, there are new schemes available but don't do you much good in the long run

Sloth/Mod

donnaraine;4764012

well it will be at least a year til i move out anyway, im just wanting to … well it will be at least a year til i move out anyway, im just wanting to know the basic facts if i could do it on my own. at the minute im learning to drive so need to get that out the way and have a car paid off first so i have more money to go towards a house



In the current climate you will need around a 25% Deposit.........also need to save £2000-£3000 for surveys, legal fees etc.

Not a cheap thing to do.........if you are at home with Mum & Dad.......then stay for as long as possible. lol

cosmicdav3;4763962

Have a look at [url]www.ownhome.co.uk[/url] its not shared ownership in a … Have a look at [url]www.ownhome.co.uk[/url] its not shared ownership in a traditional sense but allows you to buy on the open market at a fair price with them assisting in lending you the deposit, the only condition is you have to have a mortgage with the co-op. The money is interest free for 1st 5 years then minimal interest for a period of upto 25 years before replayment is due.



Wow this is worth a look I too am struggling to get on the housing ladder. We currently rent but only have 2 bedrooms but have an 11 year old boy and a 2 year old girl who is sleeping in our bedroom, we are not classed as a priority for local housing and cant afford the average £700 rent for a 3 bed house.
Many thanks for this link

Original Poster

i know some people who rent, only work 16 hours a week and have no kids so no tax credits or anything like that, and theyre always out shopping and drinking every weekend, i dont know how people do it!

Sloth/Mod

donnaraine;4764062

i know some people who rent, only work 16 hours a week and have no kids … i know some people who rent, only work 16 hours a week and have no kids so no tax credits or anything like that, and theyre always out shopping and drinking every weekend, i dont know how people do it!



Credit Cards i bet :lol:

Original Poster

mrspodington;4764051

Wow this is worth a look I too am struggling to get on the housing … Wow this is worth a look I too am struggling to get on the housing ladder. We currently rent but only have 2 bedrooms but have an 11 year old boy and a 2 year old girl who is sleeping in our bedroom, we are not classed as a priority for local housing and cant afford the average £700 rent for a 3 bed house.Many thanks for this link



£700!!!! jesus! move up north its cheaper lol.
seriously though good luck! at least someone may benefit from this thread.
a mate was on about this scheme, but in my view it will just make it cheaper to get on the market then after that wont the payments be huge?

Original Poster

Syzable;4764069

Credit Cards i bet :lol:



thats one road i dont want to go down

mrspodington;4764051

Wow this is worth a look I too am struggling to get on the housing … Wow this is worth a look I too am struggling to get on the housing ladder. We currently rent but only have 2 bedrooms but have an 11 year old boy and a 2 year old girl who is sleeping in our bedroom, we are not classed as a priority for local housing and cant afford the average £700 rent for a 3 bed house.Many thanks for this link



No worries, just to let you know though I think the waiting list is quite long. I've been on it since Feb and still waiting for my call back, others have said it has taken them upto 6 months to get assessed for support, so my guess is the earlier the application goes in the better!

donnaraine;4764081

£700!!!! jesus! move up north its cheaper lol.seriously though good luck! … £700!!!! jesus! move up north its cheaper lol.seriously though good luck! at least someone may benefit from this thread.a mate was on about this scheme, but in my view it will just make it cheaper to get on the market then after that wont the payments be huge?



The payment side of things will have to be considered carefully, having looked at it it seems you can get a bigger than average "mortgage "so its a case of having your whits about you and being sensible with the borrowing, I will give them a ring on monday can't hurt to find out about it.

Original Poster

cosmicdav3;4764098

No worries, just to let you know though I think the waiting list is quite … No worries, just to let you know though I think the waiting list is quite long. I've been on it since Feb and still waiting for my call back, others have said it has taken them upto 6 months to get assessed for support, so my guess is the earlier the application goes in the better!



so wouldnt i have to see if i could get a mortgage and for how much before applying? anyone know how long this will go on for? as im not looking to jump onto the property market for about a year

cosmicdav3;4764098

No worries, just to let you know though I think the waiting list is quite … No worries, just to let you know though I think the waiting list is quite long. I've been on it since Feb and still waiting for my call back, others have said it has taken them upto 6 months to get assessed for support, so my guess is the earlier the application goes in the better!



ahh ight I didn't realise there was a waiting list. We have needed to move for the past 2 years so 6 months wont make a mjor difference I guess. Good luck with your application

i have literally just bought a house and got the mortgage through on friday after been turned down by other lenders - in the end needed a 25% deposit which was my student loan saved and all my savings and then a guarantee from my dad as well. Banks are very cautious at the moment and its hard getting a mortgage. but on the otherhand property prices are affordable at the moment, i have been waiting a long time to buy and i can only do it now cause the property prices have bombed............

donnaraine;4764088

thats one road i dont want to go down



Good for you. At a young age a lot of the people who go out drinking every night and shop every day are only doing it to look like they have money.

Save your money and go out every other week and you would be laughing your way to the bank in comparison.

Unless they are really bad at handling drinks

donnaraine;4764115

so wouldnt i have to see if i could get a mortgage and for how much … so wouldnt i have to see if i could get a mortgage and for how much before applying? anyone know how long this will go on for? as im not looking to jump onto the property market for about a year



You need to make your application to Ownhome first they then assess you and give you a reference number which you take to the co-op (this can take about 6 months from what i've been told) co-op then assess you for a mortgage based on your application to ownhome.

what about co-ownership with the government.......................or is that only in northern ireland?

Original Poster

cosmicdav3;4764210

You need to make your application to Ownhome first they then assess you … You need to make your application to Ownhome first they then assess you and give you a reference number which you take to the co-op (this can take about 6 months from what i've been told) co-op then assess you for a mortgage based on your application to ownhome.



ahhh i see, only problem.....we dont have a co op bank near us :x

Original Poster

Lost Symphonies;4764204

Good for you. At a young age a lot of the people who go out drinking … Good for you. At a young age a lot of the people who go out drinking every night and shop every day are only doing it to look like they have money.Save your money and go out every other week and you would be laughing your way to the bank in comparison.Unless they are really bad at handling drinks



i dont even go out every other week! i just dont have time with work, very rare i get a weekend off. at min though im saving for a car and have nearly 2 grand towards it
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