Am I eligible
What is the financial criteria for purchasing a Shared Ownership home?
To be considered for Shared Ownership your annual household income cannot exceed £80,000 per annum gross (outside of London).
All our customers will be assessed financially using the Government’s sustainability calculator. Therefore for new build shared ownership homes you will be expected to purchase the maximum share you can afford and sustain in the long term; this will be dependent on your income and savings (which you will need for your deposit), and any financial commitments you may already have. If you wish to purchase a re-sale property, you need to buy the share being offered for sale - you cannot purchase a lower share - and you will need to be able to afford and sustain the shared ownership home in the long term.
You need to be able to pay for the share you are purchasing; this is usually through a mortgage and deposit. The minimum deposit requirement is in general 5% - 10% of the share you are purchasing; this can vary and is dependent on the Mortgage Lender criteria.
To obtain a mortgage you will need to pass a credit check, you can check and find out how to improve your credit rating at www.experian.co.uk.
We encourage our customers to take independent financial advice; you are free to find your own properly qualified financial advisor but if you need help please be advised there is our list of ‘Independent Financial Advisors’ available on this website who are experienced with shared ownership.
You will also need to ensure that you have sufficient funds to cover your legal fees which include solicitor, valuation and mortgage fees, stamp duty etc.
As this scheme is designed to be the first step onto the property ladder, generally you cannot own or have a financial interest in another property or land in the UK or abroad. Some current shared home owners may be considered providing they have an approved application with the Help to Buy Agent, meet the property criteria and their current property is being sold and they have a confirmed exchange / completion date, and they cannot afford a suitable property on the open market.
What is the priority for purchasing a Shared Ownership home?
The Government has determined that priority is given to serving members of the British Armed Forces, and those honourably discharged in the last two years (or surviving partners of regular service personnel who have died in service, and they have applied within two years of their bereavement).
To purchase a shared ownership home you must have an approved application with your Help to Buy Agent.
What is the role of a Help to Buy Agent?
Help to Buy Agents are appointed by the Government to assess the general eligibility of people who are looking to purchase through the Government's Help to Buy home ownership schemes like shared ownership - more details are on the Help to Buy website: www.helptobuy.gov.uk
You can apply online with your regional Help to Buy Agent whilst you are looking for a property but your application must be completed and approved by the time you have found a property you want to buy. If you are eligible, you will be given a reference number which you need to give to us before you can reserve the property.
Although you may have been assessed by your local Help to Buy Agent, Lea Valley Homes (the marketing name for Aldwyck Housing Group Ltd) are also required to conduct our own assessment which includes requesting copies of documentation and ensuring you meet any additional criteria that may be required for specific developments.
Contact details for the Help to Buy Agent in our area are below:
Bedfordshire, Buckinghamshire including Milton Keynes, Cambridgeshire, Essex, Hertfordshire.
Tel: 03333 214044
Fax: 01234 221229
Opening hours are 9am-5pm Monday to Friday
REMEMBER YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED AGAINST