To make sure that our new build HomeBuy properties are only offered to people in genuine housing need, and to make sure that we follow the Housing Corporation (the government body that funds us) guidelines, everyone applying to us for housing should meet the following eligibility conditions:
- Applicants should be able to afford to buy a part buy, part rent property. They should not be in a position to afford the cost of buying a similar home outright on the open property market. So, upper and lower income limits will be set for each development. We work this out by subtracting the yearly rent and service charge from the gross income, and then allowing the applicant to borrow up to 3.5 times this figure for single buyers and 3 times for joint buyers for the mortgage. Any other savings should then be taken into account.
- All applicants should have at least £3,000 in savings to cover legal fees so they can buy a part buy, part rent property.
- All applicants should be first-time buyers, although we will consider the following as first time buyers for selection purposes:
- Homeowners whose property has been sold or is in the process of being sold, due to a relationship breakdown
- Homeowners who need to move to an area where property values are higher, either with their existing employer or to take up a new job. In this case, the homeowner's current property must be sold
- Homeowners who need to move to an area where property values are higher so they can look after or be looked after by a dependent relative. In this case, the homeowner's current property must be sold
- Homeowners, including existing shared owners, whose current home is not suitable for their needs.
