We have one child and really want DC to grow up in inner London (as opposed in the nowhereville we live now in Zone 5) Our current flat, a small 2 bed conversion was all we could afford.
We recently saw a new part buy part rent development ,flats , a lot more central than where we are now,. We qualify as our household income is below 90K and we'd be paying not much more than we pay now, with a 25% share and service charge and small(ish) rent. Best of all we can keep the proceeds from the sale of our flat and put down a tiny deposit. We rang the housing assoc/developer and they said we'd qualify as we live and work in a London borough. We mentioned we'd be selling our flat and he said that's all fine. We were talking eligibility rather than financials though, He emailed us with the financial team we'd have to speak to before making an offer. That's all for the future, our current flat isn't even on the market yet.
With the 'profit' from selling our flat, we'd like to set the bulk of it aside for our DC future, uni etc.
BUT would the housing assoc/developer expect us to put down a bigger deposit, even if we meet minimum salary/deposit requirement ?
I know this all sounds dishonest and dodgy, immoral, but on our own we have no hope of buying in inner London, ( the place we both grew up but were priced out of) Also we both work in central London, so would shave so much time off our commute. We work with young people in non-corporate jobs, so the morals of taking a flat for people with low deposits doesn't sit well with me at all, but creating a 'trust fund' for my daughter does appeal as we have no real savings, all our cash is tied up in our flat or pensions, we cannot touch until we're 55.
Anyone with knowledge, I'd appreciate your help.