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Shared Ownership advice needed

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  • Shared Ownership advice needed

    I am considering buying a house through the 'shared ownership' scheme , my concern is that I might not get a mortgage or qualify for it as i am on quite a low income.

    I get £13,000 per year and i receive benefits such as WorkingTC and ChildTC
    I am also entitled to some HB this brings about an additional £8000 per year.
    so in total that is £21000 (before tax) (i have a wife and child)

    I know that if i bought a share in a house for say 40% I would need to pay rent on the 60% to the HA, i know that the council will pay HB towards paying the rent.

    i have 2 questions: when the Housing association consider me for the scheme do they consider the benefits I receive?

    I read somewhere that Banks will multiply your annual earning by 5, so for me that would be £65k is this true? and do they consider any benefits i receive, like WTC or CTC?

    My wife will eventually start working when our child is in school, but i was hoping i could do this now and later pay it off quicker.

    I really appreciate any advice from someone who knows about this.
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