Shared Equity Who is Eligible?

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Jonathan Clarke
5 years ago
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Equity at low income applicants in one or more of the following groups: Existing tenants of Queens Cross Housing Association Tenants of other Housing Associations Members of the

buyers who are living with family or friends, or in the social or private rented sector Homeowners who are unable to sustain or move back into home ownership due to a significant

1 Who is Eligible? In the event that there is an excess of applications, then applicants connections to the local area will be taken into consideration The Housing Association is targeting its Shared Equity at low income applicants in one or more of the following groups: Existing tenants of Queens Cross Housing Association Tenants of other Housing Associations Members of the armed forces and veterans who have left the forces within the past year or widows, widowers and other partners of service personnel killed in action within the last year First time buyers who are living with family or friends, or in the social or private rented sector Homeowners who are unable to sustain or move back into home ownership due to a significant change in household circumstances Homeowners who have particular needs and are unable to purchase a suitable house on the open market, for example due to a disability (all the flats have level access and are served by a lift, but none are specifically designed for wheelchair users) Those with special reasons for needing to live in a particular area.

Financial Assessment Shared Equity is designed to assist people on low incomes, so we are required by the Scottish Government to assess whether you qualify.

2 Financial Assessment Shared Equity is designed to assist people on low incomes, so we are required by the Scottish Government to assess whether you qualify. The amount you contribute to your share of the house cost must be the maximum mortgage that you can afford plus any other personal contributions you can make. When you apply, you will have to state all your sources of finance to include gross earnings and savings plus other income such as sickness benefit, unemployment benefit, working families tax credit, widows pension, bank interest and superannuation or pension from previous employment. Given the complexity of this, we would strongly advise that you consult an Independent Financial Advisor before making any application. Queens Cross Housing Association will require to assess your application in order to: Verify your household income. Assess whether you can afford all the cost of ownership of at least 60% of the value of the flat you are interested in. Assess whether you could afford to buy a similar property in the area without any assistance through the shared equity scheme. Calculate the share of the equity (60-80%) you can reasonably afford to buy. 90% of any household savings above 5,000 will be treated as a contribution toward the share you can buy. The Scottish Government advises that a multiplier of 3 times a single income and 2.5 times a double income should be used as a guide to affordability. While each applicant is assessed separately according to the criteria set by the Government, as an approximation, you would need the following gross income in order to afford a 60% stake within a Shared Equity property. Single Income Households One bed flat - 24,000 Two bed flat - 30,000 Joint Income Households One bed flat - 28,800 Two bed flat - 36,000

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8 Specification Your new home incorporates a selection of quality features: Kitchen Fully fitted kitchen Stainless steel single electric oven/ gas hob/hood Bowl and half bowl inset stainless steel sink with chrome taps Ceramic wall tiling Ample electric sockets and electric fan Bathroom All sanitary ware white with chrome taps Overbath thermostatic shower Ceramic wall tiling Extractor fan Chrome heated towel rail Electric shower over bath Ensuite (where applicable) All sanitary ware white with chrome taps Extractor fan Chrome heated towel rail Boiler fed power shower Internal Features Well lit open plan living/dining/kitchen areas TV and telephone points in the living area and master bedroom. Communal aerial to meet new digital TV standards. This system will support Sky Plus, if required. Gas central heating Fitted wardrobes Windows and Doors Double glazed windows White internal doors with brushed stainless steel ironmongery External Door entry system Drying areas Lifts One allocated car parking space per plot

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