Shared ownership allows you to buy a property which otherwise would not be affordable.
Who is eligible?
The standard requirements for shared ownership are:
applicants should have a gross annual household income of no more than £90,000 per annum
applicants must be unable to purchase a suitable home to meet their housing needs on the open market
applicants will need between 5 to 10% deposit on the value of the share they wish to purchase
Applicants who supplement a low income with welfare benefits (for example, housing benefit) will not meet affordability requirements and are therefore not eligible. Owner occupiers may be considered as a result of a relationship breakdown.
You must be able to obtain a mortgage or have sufficient capital to buy your share.
Fees are estimated to be approximately £3,000 and should cover legal, survey and valuation fees, stamp duty, mortgage arrangement charges and insurance.
Your monthly expenses includes mortgage repayments, protection cover, buildings and contents insurance, regular utilities, council tax, telephone, television and service charges for flats.
Your home may be at risk if you fail to keep up your mortgage and rent payments.
Priority for properties is given in the following order:
social tenants - council and housing association tenants
returning MOD personnel
those threatened with homelessness
those on a high band on the council register - Band A, B and C
those that live and work in Hillingdon but are not yet registered
those that live in Hillingdon but work elsewhere
those that work in Hillingdon but live elsewhere
those with no connection to Hillingdon
How do I apply?
We want to make sure that Hillingdon applicants are prioritised for these schemes. We list all available properties as and when they become available.