Shared ownership financial interview

humanbeing_2

I have a Shared ownership financial assessment interview this week. Anyone done this and know what it involves?

seems pretty obvious but just checking.

Bargain_Rzl

The HA I bought through didn't do interviews. However, the things they will be interested in are:

Do you meet their income criteria?
Do you have debts which eat up part of your monthly income and could therefore affect the affordability of a SO property?
Do you have sufficient savings to cover legal fees, removals, stamp duty and (possibly) a deposit?

Basically they need to assure themselves that you are not in dire straits, not going to default on your mortgage or rent, and that you fit their criteria for people in need of a SO property.

Take some paperwork - bank statements, payslips, evidence of savings and debts - they may not ask to see it, but if they do, you'll be prepared. If you feel there's some reason why they might be inclined not to deal with you - for example, if you're self employed on a variable income - be ready to provide whatever may be necessary to convince them

Good luck!

humanbeing_2

Thanks, sounds ok.

BobProperty

Bargain_Rzl wrote: »

..... and that you fit their criteria for people in need of a SO property......

Co-incidentally I notice some SO recently where there were conditions attached like working locally or being from the area. ( SO for "local people" apparently)

Bargain_Rzl

BobProperty wrote: »

Co-incidentally I notice some SO recently where there were conditions attached like working locally or being from the area. ( SO for "local people" apparently)

That is often the case, and certainly was for me. The development I now live in was open on a "priority" basis to people who lived and/or worked in the right group of five boroughs (in London, the boroughs "team up" through the Housing Options scheme (www.housingoptions.org.uk)). Bexley (where I lived) and Southwark (where I work) were on the list, along with Greenwich, Lewisham and Bromley. Applications from people in these boroughs was invited by a certain deadline, after which it was opened up to applicants from any borough as long as they fitted the other criteria.

I would imagine that a "local homes for local people" policy is even more important in rural areas where second-home owners are pricing FTBs out of the market.

Mrs_pbradley936

In London (Camden i think it is) you have to supply evidence that you are a “key worker” something like a nurse, teacher, fireman, policeman etc. If you give up your job you have to move within so long as well. The flats are the on the old Arsenal football ground.

Bargain_Rzl

pbradley936, that is only true for some schemes. The main reason is that properties aimed at key workers are supported by government funding in some cases, while other SO properties are made available entirely as a result of deals between the builders and the relevant Housing Association.

In my building there are 10 flats. Two were reserved solely for key workers under a government scheme (my next door neighbour, a social worker, is one of them, and the other is a teacher) and the other eight were open to all first-time buyers in the qualifying boroughs with qualifying income levels. On some other schemes, all properties are available for key workers only.