Allocation Criteria
New Build HomeBuy is often funded by public money and we follow a strict allocations policy to make sure that we assess applications fairly.
We aim to identify buyers who could not otherwise buy a home on the open market, but who can benefit from and complete a shared ownership purchase.
We assess all applications against minimum eligibility criteria and we allocate homes based on a set of priorities which are outlined below.
Eligibility
We give priority to applicants who fit our basic eligibility criteria . In addition, we are only able to sell to buyers who meet the following minimum requirements; that applicants:
• Must be over 18 years of age
• Be a British citizen(s), have permanent leave to remain in the country, or be from the member states of the European Union and currently working or living in the UK
• Are not able to afford to buy a home outright on the open market
• Have sufficient savings or access to funds to meet the one-off costs of buying a shared ownership home, and access to funds or a mortgage for their share of the purchase
• Can show their ability to afford the total monthly outgoings of a shared ownership purchase
• In the case of schemes which have Housing Corporation funding, applicants must register with a HomeBuy Agent (not applicable to re-sale properties).
Some schemes may be eligible to other applicants, depending on their funding arrangements, section 106 planning conditions, property constraints or scheme design. Where relevant, this will be made clear to applicants when schemes are marketed.
Proof of income
Applicants will need to include the following financial information along with their application form:
• Copy of latest P.60
• Copy of 3 recent pay slips
• Evidence of any children or other people living with the buyer
• Proof of savings
• Proof of current residency
• Last audited accounts if self-employed.
This is to make sure firstly that the applicant can afford the property and if necessary secure a mortgage, and secondly to check whether they could afford to buy outright on the open market.
We have set a minimum and a maximum limit on the appropriate monthly disposable income (after payment of the mortgage, rent and all other monthly outgoings) against which individual applicants will be assessed. These limits vary for each development. Applicants who fall outside these thresholds may be considered at the discretion of Muir.
Applicants who have been declared bankrupt may not be considered. Where a county court judgment has been served the applicant must be able to demonstrate this has been satisfied. We cannot accept applicants who have unsecured debts in excess of £15,000 (up to £20,000 for student loans).
Allocation Policy
We advertise that new homes are going to become available before they are completed. We will send out application forms and information on request or as soon as the scheme becomes available for sale. Priority will be given to applicants who fit our basic criteria
If there are more eligible applicants with equal priority than there are properties, then we will take into consideration the order in which we received the fully completed application forms and supporting information, as well as the applicant's ability to proceed promptly with the purchase.
Equality & Diversity
All applicants will be treated fairly and equally regardless of race, colour, ethnic origin or nationality, religion or other beliefs, sexuality, disability, age, physical appearance or other characteristic or gender.
Muir has written procedures for applicants covered by Section 1 Schedule 1 of the Housing Act 1996 (Employees, Board Members and their close relatives).
Data Protection
In accordance with the Data Protection Act 1998 every care will be taken to keep information secure and confidential. All personal data will only be passed to appropriate third parties or requested from the same with your authorised consent (provided on the application form). Where an application is unsuccessful the form will be retained for no longer than 12 months after which it will be destroyed.
You have the right of access to information we hold about you on our application file.