Do I Qualify?
Once we receive your assessment from your Care Manager
confirming you'll benefit from a Shared Ownership Home,
we need to establish if you'll qualify for State Benefits
to cover your regular housing costs. At this point, we need
to know about you so we'll send you a short form to complete.
We'll let you know if your Care Manager believes you need
help from someone you trust and if you do, this person will
be required to help you complete the form.
So you can see what questions you'll be asked, you can
click on this link to see the form.
Do I Qualify for a Shared Ownership Home?
On receipt of your form, we'll contact your local office
of the Department of Work and Pensions to check you're eligible
to receive Income Support. The Department of Work and Pensions
will pay, direct to your Lender, sufficient money to cover
your mortgage interest payments.
We'll contact your Local Authority to check you're entitled
to receive Housing Benefit. The Local Authority will pay,
direct to the Housing Association, Housing Benefit to cover
the rent on the Housing Association's half of the property.
We'll also contact the person you've nominated to help
you with the process and let them know exactly what they
need to do to help you buy a Shared Ownership Home.
Neither you nor the person you've chosen to help you will
be charged for this service. In fact, neither of you will
be required to make any payment to us, or any company we
introduce you to, at any time. Details of how the costs
are covered are found on the About Us page.
'Decision In Principle'
Once we've received positive confirmation that you'll qualify
for State Benefits, which is likely to take about two weeks,
we'll send you a 'Decision In Principle' Certificate indicating
you've qualified to look for a Shared Ownership Home up
to £200,000.
Your mortgage will always be £100,000. And that's
because Income Support for mortgage interest is available
up to a maximum mortgage of £100,000.
You must bear in mind this is an 'in-principle' decision.
At a later stage, you'll complete a detailed application
form for the mortgage, which might reveal something that
prohibits you from taking out a mortgage - for example,
a very poor credit history. So whilst the Certificate is
an excellent indication you'll end up with a Shared Ownership
Home, it is by no means a guarantee that you will.
Choosing your home
Now the fun starts. We'll send you details of a specific
property or a list of properties in your chosen area you're
eligible to buy. Once you've decided where you'd like to
live, you'll contact us to arrange the viewings.
Once you've viewed the properties, you need to let us know
which one you'd like to buy.
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