Help to Buy: Shared Ownership (Home Reach) is aimed at helping people who can’t afford to buy a suitable property on the open market. Purchasers are subject to eligibility and affordability requirements.
The general eligibility criteria for Home Reach are as follows:
If you are a wanting to purchase your share in cash, you must meet the eligibility criteria for shared ownership and the cash and assets contributing towards the purchase must not be sufficient to buy the property outright.
The source of cash being used to purchase their share, will be subject to appropriate money laundering checks and may typically come from:
The sale of an existing property
Customers must be able to provide evidence that they are legitimately prevented from raising a mortgage. Evidence must be in the form of:
Home Reach will pay attention to affordability and sustainability calculations for cash buyers, particularly to check that that the rent, service charge, and any other housing costs do not breach 45% of the customers’ net household income (after debts).
If you are purchasing a share with Home Reach, you will be subject to a credit search, this will take place once we have received a reservation form.
Home Reach’s minimum credit history requirement for purchasers are:
Where the above are satisfied but the purchaser has a history of missed payments, Home Reach will use a credit score and may decline low scoring purchasers.
Where there are multiple purchasers, some who meet the credit history requirements and some with unacceptable credit history, if the total monthly costs of the proposed purchase is less than 40% of the net monthly income of the applicants with acceptable credit, the application will be acceptable.
In exceptional circumstances, where severe life events beyond their control have impacted upon a purchaser’s credit history, exceptions to these credit standards may be made on individual review.
Need a copy of our forms:
Please email all completed form to email@example.com including the following information:
Complete the form below to start your registration process
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