Now that you have viewed the property that you would like to purchase, you will need to follow these steps to make a reservation:

1. Online Application

Apply online at www.helptobuynw.org.uk – the Help to Buy team will assess your eligibility for Shared Ownership and give you an application ID number.

  1. Visit www.helptobuynw.org.uk
  2. Click on ‘Apply Online’ in the top navigation bar
  3. Click on Apply Online for Low Cost Home Ownership (Shared Ownership, Rent to Buy, OPSO)
  4. Complete the online application form
  5. You will receive an email within 4 working days with confirmation of your acceptance or rejection.

Tips

  • Ensure all applicants and occupants (including children) are on the application, even if they are not all going on the mortgage as there is a bed count criteria, which entitles you to ‘one more bedroom that you need’. E.g. one person or a couple would be entitled to a property with two bedrooms; one person or a couple with one dependant would be entitled to a property with three bedrooms; or two dependants would be entitled to a property with four bedrooms.
  • Although we require you to be in permanent employment, this does not necessarily mean full time work. If you and your partner work part time, you will still be eligible for Shared Ownership.

2. Documents

You will need to provide Garden City Homes with the following documents either by email and attaching the documents or as photocopies by post:

  • Photographic ID (passport or driving licence) for all applicants.
  • Your last three month’s payslips (If self-employed, you will need to provide three years of accounts by a qualified accountant or three years of SA302 documents, if the mortgage lender will accept these)
  • Your last 3 months bank statements.
  • ‘A Mortgage in principle’. This proposes the amount the provider is prepared to lend, the interest rate and the number of years to repay. This can be arranged through our recommended financial advisors.
  • Working Tax Credits (excluding child care credits)
  • Proof of funds for the deposit (Bank statement or screen shot of online banking).

Once our sales advisor has all the necessary information, we will use an affordability calculator to work out the maximum share that you can purchase. If all other eligibility criteria have been met, Garden City Homes will offer you the property at this share. Using the calculator ensures that we are offering you the maximum share you can afford, without over stretching you.

Tips

  • Don’t forget to include evidence of any bonuses, commission or overtime income you receive, as this might boost your ability to purchase. The affordability calculator will take into account 50% of your bonuses /overtime and at our discretion, one third of an income of someone who would live in the property but isn’t part of the application/mortgage.
  • Ensure all information provided to the financial advisor/mortgage lender is accurate to avoid delays with the mortgage process.
  • Garden City Homes will use a maximum mortgage term of 30 years/or up to retirement age when calculating affordability. Please bear this in mind when discussing your mortgage with your lender.

3. Payment & Reservation

Once our sales advisor is happy that all information has been supplied and all criteria satisfied, you need to pay the £500 reservation fee to secure the property. This can be paid by cheque or by card.

Once you have paid the reservation fee, the sales advisor will arrange a reservation appointment to confirm the sale details and terms and conditions of the reservation period. You will need to provide your solicitor details at this point.

Tips

If you are not sure which solicitor to use, we have a panel of recommended solicitors who are all familiar with the shared ownership sales process. Using one of our panel solicitors helps the sale progress as smoothly and quickly as possible.