Shared Ownership

There are certain criteria which must be met to qualify for a Shared Ownership in Scunthorpe or elsewhere. You must:

• Have a gross household income of less than £80,000
• Be aged 18 or over
• Be in current employment
• Have a good credit history
• Have savings or access to approximately £1,500 (this does not include the value of the deposit required for a mortgage) and
• Understand that any property you currently own in the UK or abroad will need to be sold

In order to be considered for shared homes, you cannot be in a position to afford to buy a property at 100% value on the open market. Applicants will also be assessed based on their level of housing need as well as an affordability assessment. Certain shared ownership schemes may require a local or working connection.

For more information about whether you’d be eligible to buy a property on the shared ownership scheme please complete the below contact form.

Buying a home can be complicated, time consuming and it is likely to be the single biggest financial commitment you will ever make. But, there is nothing quite like the moment when you receive the keys and move in to your own new home.

Once you have been approved for your shared home eligibility and can afford to buy a share of the property and the rent and services charges, you will then need to pay what is called a ‘Reservation Fee’. You will be sent an offer letter that will detail just what timescales the process will take, this will be outline each step and when they need to be completed by.

We will provide you with great customer service aftercare giving you all the details of the team that can help you with any queries or problems you may come across following your initial move into your property.

Each application for  shared ownership & homes in Scunthorpe and surrounding areas will be assessed by Ongo Homes individually, but here are details of the criteria you have to meet to be considered for the scheme:

• Gross household income of less than £80,000
• Aged 18 or over
• In current employment
• Have a good credit history
• Have savings of, or access to, approximately £1,500 to cover the cost of buying a home (this does not include the value of the deposit required for a mortgage)
• Understand that any property you currently own in the UK or abroad will need to be sold

In order to be considered for shared houses in Scunthorpe and elsewhere, you cannot be in a position to afford to buy a property at 100% value on the open market. Applicants will also be assessed based on their level of housing need as well as an affordability assessment.

Ongo Homes will verify that:

• You cannot afford to buy a home outright on the open market that would meet your housing need
• Have sufficient savings, or access to funds to meet the purchase costs associated with buying a shared home
• You have a good credit history
• You are able to afford the total monthly outgoings associated with the purchase of a shared ownership for sale for your reasonable needs.

Applicants will need to provide:

• Evidence of salary by providing three most recent wage slips and/or bank statements
• Proof of savings that meet the costs associated with the purchase
• Proof of current residency
• Proof of identity

Your application will be rejected if you:

• Fail to meet the affordability criteria
• Are an un discharged bankrupt or have unsatisfied County Court Judgements
• Are reliant upon guarantors to support a mortgage
• Can comfortably afford to buy the property at 100% open market value