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
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