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FAQ s - HomesHub



1) What is the difference between                                  6) Does my application include
   Shared Equity and Shared Ownership?                                applying for a mortgage?
Shared equity (FirstBuy or Homebuy Direct) is where you            No. You will need to sell your property first or remove your
own 100% of the property but where you receive funding             name from the mortgage and deeds in the case of a
from the government and the developer towards the                  relationship breakdown.
purchase. This is an equity loan. Shared Ownership is
where you buy a percentage of the property and pay a
reduced rent to a housing association on the remaining
share. This is not where you share your house with strangers.
                                                                   7) I have had bad credit history
                                                                      can I still apply?
2) I am currently a home owner                                     We do not do a credit check at application stage but you will
                                                                   need to be in a position to obtain a mortgage. We recommend
   can I apply?                                                    you speak to a financial advisor.

No. You will need to sell your property first or remove your
name from the mortgage and deeds in the case of a
relationship breakdown.
                                                                   8) Do the schemes apply to all
                                                                      properties on the open market?
3) Can I apply if I receive housing                                No. All the schemes are for new build properties in
                                                                   association with HomesHub
No. You must be in employment and with a household
income of under £60,000.
                                                                   9) Who looks after the repairs and
                                                                      maintenance on my home?
4) What supporting documents do                                    You are responsible for all repairs and maintenance on your
                                                                   home regardless of the scheme you have purchased on.
   I need to send with my application?
•   3 most recent months’ payslips
•   Photographic ID (passport or driving licence)
•   Proof of address (i.e recent utility bill or bank statement)   10) I’ve got my deposit, but is there
•   Proof of deposit
                                                                       anything else I will need to pay for?
                                                                   Yes you will need to pay for:

5) How do I know if I am eligible?                                 •      Your valuation which is usually around £150.
                                                                   •      Your solicitor’s fees which do vary significantly but
The criteria is quite broad. You must be:                                 could be as much as a £1000.
                                                                   •      Mortgage fees, dependent on your lender.
•   First time buyer or now have sold your property and            •      Any other cost associated with moving such as
    unable to purchase a new home without assistance                      removals.
•   Earn under 60k
•   Be able to afford monthly payments (either a
    mortgage or rent)
•   Shared owner who needs to move to a bigger property
                                                                                                                  0845 603 4559
                                                                                                      HomesHub is part of Plus Dane Group

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