Am I eligible?
There are specific criteria which must be met to qualify to buy a shared ownership home:
- You cannot afford to buy a house on the open market.
- You are employed and can provide payslips for the last three months.
- You have at least two years’ audited accounts if you are self-employed.
- Your income fits the affordability criteria for the property you wish to buy.
- You have savings to cover the mortgage deposit, plus approximately £3,000 for legal, survey and mortgage fees (plus stamp duty if applicable).
- Your household income is below £80,000 a year.
- You have not been made bankrupt/had an IVA (Individual Voluntary Arrangement) and have been discharged for at least three years.
- You are not an existing home owner.
- The property must be your main place of residence.
You will need to be registered with a Help to Buy agent to begin with to make sure you meet the overall criteria. You can do this at www.helptobuynw.org.uk