Who is eligible?
We want to help people who are in need of housing and whose income is sufficient to meet the costs of buying through New Build HomeBuy, also known as shared ownership.
People applying for New Build HomeBuy will normally be first time buyers who meet the the following criteria:
· Applicants should be able to afford the property and should not be in a position to afford the
cost of buying a similar home outright on the property market. Upper and lower income
limits are set for each scheme.
· Applicants will need to meet our minimum income requirements for all schemes; a single
applicant will need to be earning a minimum of £18,000 per year and joint applicants will
need a minimal household income of £23,000 per year
· All applicants should have at least £3,000 in savings to cover legal fees
· Applicants should preferably live or work in the local authority where the homes are
available
Prioritising applicants
If you meet the eligibility criteria, we have clear guidelines on how we prioritise applicants. These will be explained to you when you first enquire about the property. If you are eligible, we will generally offer properties to people in the following order of priority:
· Public sector residents nominated by the local authority or HomeBuy Agent
· People on the waiting list of the local authority or HomeBuy Agent
· Key workers living or working in the local authority
· Any other first-time buyer not in the categories above
· Existing homeowners not in the categories above (including existing shared owners).
Disclaimer
Please note the minimum incomes may vary for each scheme.
The information on this website concerning eligibility for New Build HomeBuy or shared ownership was current and correct when the website was last updated.
Eligibility criteria changes regularly and we make no representations or warranties with respect to the current accuracy of this information.
