Your Home part buy – part rent eligibility criteria

Who can use Your Home?

Your Home is designed to open doors to properties on the second-hand market through part buy – part rent. 


To do this the eligibility criteria is designed to help as many people as possible. You can check your eligibility for Your Home below.

Current living circumstances

Whether you’re a first-time buyer or a current home-owner who is looking to move, Your Home could be your solution. 


If you’re current location is ideal for you but you want to break out of the renting cycle or simply want to downsize, this part buy – part rent solution offers you the opportunity to look for a home in the area you want.


We also have not set an upper age limit. We’re here to help those looking to move out of their parents’ homes, to those who are looking for that perfect family home to grow in.

Finances

To use the Your Home scheme you will be asked to show that you are financially able to not only purchase your share but maintain the payments involved with purchasing a property with Your Home including the rent at a rate of 4.89% on the unsold share.

For this, a good credit history and a household income to be able to support the property is required. 

When it comes to the deposit you’re paying for the home, a sufficient cash deposit of at least 25% of the full market value is needed to secure the property.

What is included as household income?

Your household income is the gross household income of all applicants that are applying for Your Home. This can be compiled from various financial avenues.

If you’re currently working at the time of purchasing the property, your income can be considered from either being an employee or self-employed. 

If you are retired, your pension income will be considered your household income. 

Any maintenance payments that you receive including any tax credits or other benefits may will also be taken into account as a household income.

This information will need to proven through the relevant documentation including payslips and/or self-assessment tax forms etc.

The property itself

There are a few requirements for the property when using the Your Home scheme. 

The home must be of a traditional construction up to value of £600,000 (£800,000 if you are purchasing in London).

The property will need to be freehold, at least 1 years old and for sales on the second-hand market through any estate agent but it cannot be sold through auction.

To be able to purchase the home, it must be considered immediately habitable following completion. 

A couple of other requirements

To be able to purchase a property using the Your Home scheme, you must be a British or EU citizen or have indefinite rights to remain in the UK. 

You will be able to use the Your Home scheme providing that the residence you are purchasing is going to be your sole and principle home. A holiday home or any other property under your ownership will be considered another dwelling whether in the UK or not.

Lastly, you cannot have declared bankruptcy or have any outstanding bad credits such as a CCJ.

You’re not eligible if…

You will not be eligible to use the Your Home scheme if you are buying the home for business therefore this means that you cannot have your name on two properties at the time of completion.

Plus, you will need to ensure that the use of the scheme is not being used on a home that is owned by a close relative or to expand shares on a home that you already own.


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