Eligibility Requirements
Applicant
The applicant(s):
▪ Must have a minimum total gross household income of £25,000.
▪ Must be above 18 years of age.
▪ Must be a British citizen or have indefinite leave to remain in the UK or a work permit, or be able to
demonstrate at least 2 years’ prior residency in the UK.
▪ Must pass a soft credit check or have good credit score
▪ Must have no criminal record or history of County Court Judgments (CCJs)
▪ Must not have exceeded 3 months’ arrears in the last 3 years.
▪ Must be employed or self-employed
▪ Must have household income that meets the following criteria:
o Ratio of Preferred Home Price to Gross Income, which is the tenant’s Housing Affordability Ratio, based on Gross Income <= 13x.
o Ratio of Preferred Home Price to Net Pay, which is the tenant’s Housing Affordability Ratios, based on Net Pay <= 20x.
o Ratio of Annual Household Expenditure (excluding rent) to Net Pay <= 55%.
o Ratio of Annual Rent to Residual Income before Rent payment (and after household & living expenses) <= 80% and;
o Ratio of Annual Principal Savings to Residual Income after Rent payment (and after household & living expenses) <= 75%.
▪ Must be able to contribute a minimum deposit equal to 3% of the Purchase Price of the Preferred Home, prior to or on the Purchase Date and an overall minimum of 10% of the Purchase Price of the Preferred Home.
Property
The Preferred Home:
▪ The Purchase Price of the Preferred Home must be less than or equal to £800,000.
▪ Must be in good structural condition with no disrepair, foundational (subsidence and Japanese knotweed) and environmental (asbestos, arsenic, solvents or gases, damp, flood, industrial use or historical landfills or waste management sites, etc.) issues.
▪ Should not be a basement flat, a mobile home, houseboat, student accommodation, holiday or retirement home.
▪ Can be a leasehold with a lease term above 100 years or a freehold.
▪ Must be the main residence and not purchased for buy-to-let purposes.
▪ Must be located in the UK, excluding Isle of Man, Isles of Scilly, Isle of Wight, Jersey & Guernsey,
Lund & Lindisfarne.
▪ Should not have any covenants that limit resale of the property or have a limited appeal to a wider
market due to being a listed property or any similar factors.