Am I eligible?
Each application for an Ongo Homes shared ownership property will be assessed individually, but here are details of the criteria you have to meet to be considered for the scheme:
- Gross household income of less than £80,000
- Aged 18 or over
- In current employment
- Have a good credit history
- Having savings or access to approximately £1,500 to cover the cost of buying a home (this does not include the value of the deposit required for a mortgage)
- Understand that any property you currently own in the UK or abroad will need to be sold
In order to be considered for the scheme, you cannot be in a position to afford to buy a property at 100% value on the open market. Applicants will also be assessed based on their level of housing need as well as an affordability assessment.
Ongo Homes will verify that:
- You cannot afford to buy a home outright on the open market that would meet your housing need
- Have sufficient savings, or access to funds to meet the purchase costs associated with buying a home
- You have a good credit history
- You are able to afford the total monthly outgoings associated with the purchase of a home suitable for your reasonable needs.
Applicants will need to provide:
- Evidence of salary by providing 3 most recent wage slips and/or bank statements
- Proof of savings that meet the costs associated with the purchase
- Proof of current residency
- Proof of identity
Your application will be rejected if you:
- Fail to meet the affordability criteria
- Are an undischarged bankrupt or have unsatisfied County Court Judgements
- Are reliant upon guarantors to support a mortgage
- Can comfortably afford to buy the property at 100% open market value
If you'd like us to do a quick check on your eligibility, please email us at firstname.lastname@example.org and we'll be in touch as soon as we can to go through some details with you.