Shared Ownership Scheme

You may be eligible for this property if:

• The household income must be £90,000 a year or less.
• You are a first-time buyer, you used to own a home but can’t afford to buy one now, or are an existing owner looking to move.
• Must be able to purchase a minimum share of 25% up to 75%
  (options to staircase to 100% ownership can be explored one year after completion)
• You do not own any other property within the UK or over seas.
• You will need to sell any existing property owned before buying through the shared ownership scheme.

As a guide you will need to have a household income of at least £61,556. You will need access to savings of at least £4,000 to cover the cost of buying the home. A minimum 10% deposit approx. £16,000. Total approximate savings required £20000.

Important borough specific eligibility criteria

Enfield

All London applicants will be considered, with priority given to Enfield applicants.

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.

The minimum single income required is £57,000 per annum

The minimum joint household income required is £50,000 per annum

As a guide you will need to have a household income of at least £43,189. You will need access to savings of at least £4,000 to cover the cost of buying the home. A minimum 10% deposit approx.£ 13,200. Total approximate savings required £17,200.

Important borough specific eligibility criteria

Enfield
All London applicants will be considered, with priority given to Enfield applicants.

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.

ELIGIBILITY

Shared Ownership gives first time buyers and those that do not currently own a home the opportunity to purchase a share in a new build or resales leasehold property. The purchaser pays a mortgage on the share they own and pays rent to a housing association on the remaining share. The combined mortgage and rent is usually less than you’d expect to pay if you bought a similar property outright although this is not a guarantee.

To be eligible for shared ownership you would need to meet the following criteria:

• Your annual household income does not exceed £90,000.
• You have a deposit of at least 5% of the share value
• You do not own another property or have your name on the deeds or a mortgage for a property worldwide.
• This will be your only residence.
• You are a permanent UK resident or have indefinite right to remain.

*Service charges are estimated and may subject to change.

** This home can also be purchased outright (100% of the value) which is £820,000 and a purchaser would not need to meet the eligibility criteria listed above.

To be eligible for shared ownership with Hackney Sales, you must be able to answer YES to the following questions:

Are you at least 18 years of age?
Is your annual gross household income less than £90,000?
Are you a first time buyer, i.e. you don’t already own a home? If you do already own a home, have you accepted an offer from a buyer and in the process of selling it?
Are you unable to afford to buy a home suitable for your housing needs on the open market? If you are not sure, you can speak to an independent mortgage advisor
Are your current mortgage or rent payments up to date?
Do you have a good credit history (no bad debts or County Court Judgements), and can you afford the regular payments and cost involved in buying and running a home?
Do you have savings or are you able to easily access at least £4,000 to cover the costs of buying a home? This is a guideline figure, and the actual amount you need will depend on a number of factors
Do you have enough savings or are you able to access a minimum 10% of the equity share you are buying, as a mortgage deposit? Or do you have the cash funds available to buy the share without a mortgage?

To be eligible you must be able to answer YES to the following questions:

Do you live and/or work in Hackney?

Are you at least 18 years of age?
Is your annual gross household income less than £90,000?
Are you a first time buyer, i.e. you don’t already own a home? If you do already own a home, have you accepted an offer from a buyer and in the process of selling it?
Are you unable to afford to buy a home suitable for your housing needs on the open market?
Do you have enough savings or are you able to access a minimum 10% of the equity share you are buying, as a mortgage deposit?

This property is being sold at a 50% initial share.

Potential buyers will be assessed for their eligibility by a specialist financial advisor for an affordability assessment. If they are successful in their assessment, and meet the affordable housing eligibility criteria required then you will be considered for the property.

You can register your interest for the property on this form:

https://docs.google.com/forms/d/e/1FAIpQLSfweZo3orD9CmqVIJWZUgq9jaHZSmBvqvjYgfhAB_97mrmVgg/viewform?usp=sf_link

We will be looking for a household income of approx £53,000. to meet the affordability of this property.

Service charges and reserve fund costs approx £2171 per annum. * (£180.90 PCM)

Rent based on sale share is £377.98 per month.

Assumed total monthly cost is £1426.00

Only those who meet the affordability requirements will be contacted.

All details contained in the above advert are subject to change.

The buyer will require a deposit to obtain a mortgage for this property.

This home is available to anyone that is affordable and is able to raise a shared ownrship mortgage. Applicants will be expected to buy the maximum share that is sustainable.

Only applicants who are registered with London and Quadrant will be eligible to be offered a property in one ofour schemes. If you are not registered please visit our website lqpricedin.co.ukand register to obtain your unique reference number.

Your home is at risk if you fail to keep up repayments on a mortgage, rent or other loan secured on it. Please make sure you can afford the repayments before you take out a mortgage.