If you’re in employment, and either a first time buyer, or a former home owner trying to get
back onto the property ladder (for example after a relationship breakdown) you can apply.
Make an Online Application
First, we’ll ask you to fill in an application form. You’ll also need to send us the following documents:
- Photographic ID (passport or driving licence)
- Your last three months’ payslips
- if you’re self-employed, you’ll need to provide three years of accounts by a qualified accountant or three years of SA302s from HMRC (if the mortgage lender accepts them)
- Details of any Working Tax Credits (excluding child care credits)
- Last three months’ bank statements.
To make sure that you can afford the monthly rent payments, we’ll need to carry out an affordability assessment. A company called UK Tenant Data carries out these assessments on our behalf. They will also do a credit check and assess your application.
Acceptance and Payment
Once we’re happy that all the information has been supplied and all criteria satisfied, we’ll offer you your chosen property. You’ll need to sign a tenancy agreement and pay a deposit as well as one months’ rent in advance. This can be paid by cheque or by online bank transfer. The initial tenancy agreement will be for 12 months. After that, it will be renewed on a two-year fixed tenancy, followed by another two-year fixed tenancy -taking you to five years.
Buying Your Home After Five Years
When you’re getting to the end of your tenancy, we’ll make an appointment with you to discuss your options. As well as being able to buy your home outright, we’ll tell you whether it’s available to buy using shared ownership (a more affordable option). We’ll arrange a RICS valuation of your property and confirm the purchase value. You’ll then need to arrange your mortgage and appoint a solicitor to deal with the matter on your behalf. We’ll instruct our own solicitor to conclude the sale.