Shared ownership single applicant

[SingleManchester]

Has anyone bought a shared ownership property in or around Manchester?

I'm looking into buying a property within the next few years but as a single parent on a low income, I'm not sure if this will be feasible.

I currently live in a deprived area in a housing association property. I want to move to a nicer area but don't want to waste money on extortionate rent.

I have a 20k deposit

I'm considering shared ownership but there isn't much information on the websites I've seen.

3 bedroom house in Manchester. Shared ownership.

How much roughly would it be per month? Very rough ball park figure as I know it depends on the house.

How much would I need to earn to be eligible? Is there a minimum income?

Does anyone have any advice?

There's a development currently being built in Levenshulme by One Manchester- some homes shared ownership, some rent to buy. It's called Atlas Place. I think One Manchester can gave you some info about eligibility: you need to have a household income of below £60k and be a FTB (some exceptions to this) but I can't remember the full eligiblity criteria.

It's a bit hard to say what it would cost. Say you could get a mortgage of £50k (figure totally pulled out of the air). You have a £20k deposit, so could buy with your £70k 35% of a £200k house. Rent would be charged on the 65% you don't own and iirc it's often at around 2.75% of the value so would be £297 a month, if your mortgage of £50k was at 5% over 25 years it would cost you £292 a month. Total monthly cost £589/ month.

Mostdays that's really helpful, thanks!

So of we say around 589 total per month then I'd need to earn just over 21k a year

If I'm right that mortgage and rent should be no more than a third of your income

I guess... it all depends on what a mortgage provider is willing to actually lend you doesn't it? And I'm not sure how you find that out other than applying!

It does and I've checked the online mortgage calculators but like you said, I won't actually know how much I can borrow until I make an application. There's no point in making an application now because I know I wouldn't be accepted.

I'm not in a position to buy yet but now I know rough figures, I know where I need to be. Does that make sense?!

The plan now is to work on getting a job over 21k, carry on saving for a deposit and then I can start making enquiries. At least then I'll be in a better position to buy than I am currently.

Thanks for your help