Are you eligible?
The Community Housing Group is only able to sell to buyers who meet the minimum requirements of our Eligibility Policy. These are that:
- Applicants must be over 18 years of age
- Applicants should not be able to afford housing to meet their reasonable needs and preferences at prevailing market prices
- Applicants should have sufficient savings of one form or another to meet the one of costs of buying a shared ownership home and access to capital or a mortgage to fund their share of the purchase
- Applicants must satisfactorily demonstrate their ability to afford the total monthly outgoings of both rent and mortgage required under shared ownership
For some future schemes the Eligibility Policy may be extended to include eligibility criteria linked to funding arrangements, planning conditions, property constraints or scheme design. Where such additional criteria apply this will be made clear to applicants when schemes are marketed.
The assessment of applicants against the Eligibility Policy will involve two stages:
- The completion of an application form
- A formal detailed interview
These have the two-fold purpose of:
- Carrying out rigorous vetting to ensure the eligibility of the potential buyer and that the property is affordable
- Providing detailed information about how shared ownership works and the responsibilities that are entailed in buying a home
The financial assessment of eligibility will include requests for;
- Evidence of salary and income
- Evidence of any children or other people living with the buyer
- Proof of savings
- Proof of current residency
- Detailed credit references
This is to ensure that any potential applicant can afford the property and if necessary secure a mortgage and, that they could not afford to buy on the open market.
WFCH operates minimum and maximum limits on monthly disposable income (after payment of their mortgage, rent and all other normal monthly outgoings) against which individual applicants will be assessed. These are at present £100 and £500 respectively, but are reviewed from time to time and from scheme to scheme. Applicants who fall outside these thresholds will be considered at the discretion of WFCH.
Download our Eligibility & Allocation Policy Statement (document opens in new window)
Download an Income and Expenditure Assessment sheet (document opens in new window)