When I was growing up I imagined by the time I was 30 I’d be a fully fledged adult with my own house, boyfriend and perhaps a kid.Ā What I did not envisage was being single and still living at home.Ā Whilst being single is absolutely fine, when it comes to buying my own place it provokes a massive problem- due to what I earn I can’t get a mortgage sufficient to cover the cost of most houses in the South (weren’t talking at least Ā£230k+). That’s where the Government funded Help to Buy scheme comes in. The scheme is supposed to help young people who can’t get the money together for a big deposit (or mortgage) get onto the housing ladder by providing smaller mortgages, and the rest to be paid in rent. However what the scheme doesn’t mention is their affordability checks makes it very hard for single people to get on the ladder.
Each house in the Help to Buy scheme asks for you to earn around Ā£26,000 for a single applicant and around Ā£32,000 for a joint applicant. Now that’s hardly a big leap for two people- but for one it means the difference between being able to apply for the scheme or being singled out.Ā
Unfortunately I don’t earn Ā£26,000 and I don’t know many office jobs in Kent that pay that much. I don’t have a partner currently so I’m just left in limbo. I know I could afford the monthly outgoings for the Help to Buy scheme on my own but as I don’t earn what they believe is affordable I won’t get a look in. It’s frustrating for me and I’m sure it’s extremely frustrating for other single women in my situation.Ā
So unless I meet someone, win the lottery or get a better paying job i’ll be living at home for many years to come. Not an attractive prospect!Ā
I’d love to hear your thoughts on the situation, have you tried to apply for Help to Buy as a single person? Let me know your thoughts in the comments below.Ā Ā
Ā
Ā
Hi guys I hope you've enjoyed the post, do let me know what you thought down below!