ELIGIBILITY:

•Priority will be given to those who live or work in the Harrow local authority area.

SHARED OWNERSHIP:

The scheme allows you to purchase the specified share of the property price, and pay a reduced rent on the share you do not own. You will have the opportunity to buy further shares (subject to affordability) at a later date.

You will need to be earning a guidance income of at least £36,315. You will need access to savings of at least £4,000 to cover the cost of buying the home, and £2,000 to cover of the improvement value. A minimum 10% deposit approx. £15,810. Total approximate savings required £21,810

Important specific eligibility criteria
Priority will go to applicants with a connection to Ealing but all applicants can apply.
This property is restricted to persons aged 60 years and over.

Applicants must be earning under £90,000 to be eligible for one, two and three bedroom apartments.

If you are an existing homeowner we will not be able to allocate you a home unless you have found a buyer for your existing home and are deemed to be in need of housing by your local council.

• Minimum salaries required are: £64,732 (single), £68,732 (joint)

• Applicants must have access to £3,500 savings to cover purchasing costs. A higher level of savings will berequired to obtain a mortgage

• Applicants must be registered with the Share To Buy website - www.sharetobuy.com

• Applicants should have a live and/or work connection to the Ealing district

• Priority will be given to serving military personnel

Information correct as at March 2020

You are eligible to purchase a Home Reach home in England or Wales if:

Your household income does not exceed £80,000 per annum (£90,000 in London)
You are a first-time buyer or used to own a home, but cannot afford to buy outright and do not currently own a property
You have passed a financial assessment demonstrating that you are financially able to purchase the share you want to buy support the monthly costs
You are registered with your local Help to Buy Agent and have been accepted
The property you will be buying will be your principal and only home

You are eligible to purchase a Home Reach home in England or Wales if:

Your household income does not exceed £80,000 per annum (£90,000 in London)
You are a first-time buyer or used to own a home, but cannot afford to buy outright and do not currently own a property
You have passed a financial assessment demonstrating that you are financially able to purchase the share you want to buy support the monthly costs
You are registered with your local Help to Buy Agent and have been accepted
The property you will be buying will be your principal and only home

Am I eligible?
To be eligible to apply for intermediate rent properties in the Wrap, you need to meet the following criteria:

you must be earning between £25,000 and £60,000 a year;
you must not be able toafford a suitable home through one of the low-cost home-ownership schemes or on the open market;
you must be employed or self-employed and earning an income that allows you to pay the rent and related costs for the property;
You must not have a tenancy of, or own, another home;
You must satisfy a credit reference.
Applicantsworking for, or on a student placement with, East & North Herts NHS Trust will be given priority.

You will need to be earning a guidance income of £44,371. You will need access to savings of at least £4,000 to cover the cost of buying the home. A minimum 10% deposit approx. £19,200. Total approximate savings required £23,200.

Important borough specific eligibility criteria
Hounslow
All London applicants will be considered with priority given to Hounslow residents.

(There is a 4 week nomination period offering to applicants with a connection to Hounslow only, then a further 3week period to advertise to the West London Sub Region – (Brent, Ealing, H&F, Harrow, Hillingdon, RBK&C). On the 7th week they will open up PAN London)

Applicants must be earning under £90,000 to be eligible for one, two and three bedroom apartments

To be eligible to purchase a Shared Ownership home

• Your annual household income can be no more than £90,000
• You should be unable to purchase a home suitable for your needs without assistance.
• You must not have any outstanding credit issues (i.e. unsatisfied defaults or county court judgments).
• You must be a first time buyer. If you already own a home and need to move but cannot afford to, please contact us. There may be some circumstances under which you could be eligible.

The ‘Estimated total monthly cost’ for a Shared Ownership property consists of three separate elements added together:

• Rent: this is charged on the share you do not own and is usually payable to a housing association (rent is not generally payable on shared equity schemes)
• Service Charge: covers maintenance costs for the property as a whole and communal areas
• Mortgage: Share to Buy ltd are specialist Shared Ownership mortgage brokers and we use a database of daily updated mortgage rates to work out the lowest rate available for the deposit amount shown, and then generate an estimated monthly payment on a 25 year capital repayment basis.

NB: this mortgage estimate is not confirmation that you can obtain a mortgage and you will also need to satisfy the requirements of the relevant mortgage lender. Nor is this a guarantee that in practice you would be able to apply for such a rate, and nor is this a recommendation that the rate used would be the best product for you.

Shared Ownership Resales: Also known as part buy part rent on second hand homes, with this affordable home ownership scheme you purchase a share of the property and rent the remainder from the housing provider.

Shared Ownership New Build: Also known as part buy part rent, with this affordable home ownership scheme you purchase a share of a brand new property and rent the remainder from the housing provider. The price shows the minimum share available, and the size of the share you purchase will depend on what you can afford.

Affordable housing scheme: Intermediate Rent (pay a discounted rent)

Affordable housing scheme: Rent to Save (pay a discounted rent).

Rent to save is designed to enable aspiring home-owners to move into the home they have chosen, even if they have not yet been able to save a sufficient mortgage deposit. As the rent will be at a lower than market rate, you will be able to save throughout the period of your tenancy.

Affordable housing scheme: Over-55s Shared Ownership

For people aged 55 or over who are otherwise unable to afford to buy a home suitable to their needs. The scheme is similar to Shared Ownership and enables you to buy a 75% share of the home or apartment.

Affordable housing scheme: Your Home

Turn any freehold property into part-buy-part-rent with Your Home. You simply need 10% cash deposit on the full purchase price, there’s no need for a mortgage and you can buy more or move at any time plus added benefits. To find out more contact Heylo via the property page

Affordable housing scheme: Discount Market Sale

Discount Market Sale (DMS) is a low cost home ownership product where a new build property is purchased at a discounted price. This discount is usually around 20% and the scheme is to help low and middle earners get onto the property ladder.

Affordable housing scheme: Help to Buy equity loans (100% ownership but with a 20% equity loan)

Buy a new home on an approved new build development with assistance from the Government in the form of an equity loan. The equity loan is interest free for the first five years.

Affordable housing scheme: Help to Buy equity loans (100% ownership with a 40% equity loan)

Buy a new home on an approved new build development with assistance from the Government in the form of an equity loan. The equity loan is interest free for the first five years.

Affordable housing scheme: Discount Full Ownership (100% ownership at a discount)

Affordable Housing Scheme: London Help to Buy equity loan (100% ownership with up to 40% loan)

Borrow up to 40% of the purchase price from the Government with the London Help to Buy scheme. You would only need a 5% deposit and your mortgage would make up the rest.

London Living Rent is a type of affordable housing for middle-income Londoners. These homes offer lower rents, with the saving on the rent aimed to help you ave towards a deposit for your own home.