Who is Shared Ownership for?
If you’re looking to buy your first home, or don’t currently own a property, Shared Ownership could be right for you! Each applicant is assessed individually, and some rules apply – for example you’ll need to have saved a deposit, not have a household income of £80,000 or more a year, and there’ll be a financial assessment to check you can afford the share and monthly costs.
Apply online at www.helptobuynw.org.uk – the Help to Buy team will assess your eligibility for Shared Ownership. You will receive an email within 4 working days with confirmation of your acceptance or rejection.
Metro Finance carry out all of our affordability assessments. You can either complete an online form at www.metrofinance.co.uk or call on 0114 270 1444. Metro Finance will assess your affordability within 4 working days. Metro Finance will work out the maximum share that you can purchase.
Once you have been approved by Help To Buy North West and Metro Finance you will need to provide Garden City Homes with the following documents via email, the information will be required for all applicants:
- Photographic ID (Passport or Driving Licence).
- Your last 3 months’ payslips (If self-employed, you will need to provide 3 years of accounts by a qualified accountant or 3 years of SA302’s, if the mortgage lender will accept these.)
- Proof of funds for the deposit
- A ‘Mortgage in Principle’, this proposes the amount the provider is prepared to lend, the interest rate and the number of years to repay.
- Working Tax Credits (excluding child care credits).
- Last three months’ bank statements
Payment and reservation
Once our Sales Advisor is happy that all information has been supplied and all criteria satisfied, you will need to pay the £500 reservation fee to secure the property. This can be paid by cheque or by online bank transfer.
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.