Who can use Your Home?
Your Home is designed to open doors to properties on the second-hand market through gradual homeownership.
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 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.
We are unable to accept housing benefit.
The property itself
The home must be a freehold property that is at least one-year old and have an EPC rating of at least D. A RICS Level 2 Home Buyers Report must be completed at the expense of the buyer (prior to exchange), the valuation must be in line with the purchase price agreed.
There must be no serious safety issues highlighted or anything that could cause severe long-term damage for the buyer or the property (eg. damp, mould or subsidence).
The full price of the property cannot exceed £600,000.
A couple of other requirements
To be able to purchase a property using the Your Home scheme, you must be a British citizen or have indefinite rights to remain in the UK.
Lastly, you cannot have declared bankruptcy or have any outstanding bad credits such as a CCJ.
You’re not eligible if…
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.
Start your application
It should take no more than 10 minutes
