Our Shared Ownership policy

We want everyone applying for a Shared Ownership home through Homemade Homes to understand how we assess applications and make decisions.

That is why we publish our Shared Ownership application and affordability policy. It explains the standards we follow, the information we consider and what applicants can expect from us.

Why we publish our policy

Homes England requires providers of Shared Ownership homes delivered through its affordable housing programmes to publish clear policies covering:

• how eligible applicants are prioritised
• the minimum monthly surplus income applicants need after their housing costs, commitments and everyday expenditure have been considered

Publishing our policy also helps us provide a fair, open and consistent service. Applicants can see how our process works before completing a financial assessment or committing money towards buying a home.

What our policy covers

Our policy explains:

• the eligibility requirements for Shared Ownership
• how we prioritise applicants, including the first-come, first-served approach
• situations where another priority may apply, such as certain local connection requirements
• how affordability is assessed
• our minimum monthly surplus income requirement
• how we consider deposits, savings, debts and credit history
• the evidence applicants may be asked to provide
• how we make and communicate decisions

Every applicant’s circumstances are different. Our policy provides a consistent framework, but we will consider the information available to us and avoid applying rules in a way that unfairly disadvantages an applicant.

Affordability assessments

A qualified and regulated mortgage adviser will assess how much you can comfortably afford to spend on a Shared Ownership home. This assessment is free of charge, and you are not required to arrange your mortgage through the adviser carrying it out.

The assessment considers your income, regular commitments, expected housing costs and normal household spending. Its purpose is to help ensure that the share you buy is affordable and sustainable.

Our commitment to applicants

We will:

• treat applications impartially and consistently
• explain our application and assessment process clearly
• protect your personal information
• consider your individual circumstances
• provide a reasoned explanation if we cannot accept your application
• make our policy available in an accessible format when required