Eligibility explained

Are you eligible?

If the following list applies to you, then it is very likely that you will be eligible:

  • Your annual gross household income is less than £80,000 (£90, 000 in London)
  • You do not currently own a home
  • You have no outstanding credit problems
  • The monthly mortgage, rent and service charge payments on the property are less than 45% of your household income after tax

There may be additional restrictions that may apply on certain properties such as a local residency requirement, or a minimum household size.

Your general eligibility can be confirmed once you have filled in the application form and you have a specific scheme in mind. You will also need to register with your local Help to Buy Agent.

Finding a suitable property that you can afford

Next, you will need to assess both the make-up of your household and your affordability in relation to the home you are interested in.
In terms of household make-up, the general guideline is that you can apply for a home of any size. However, local conditions may apply with one more bedroom than you need for a single person or couple, and a household with at least 1 child (or another dependant) may apply for a 3 bedroom home.

Regarding affordability, it is important that your current income is sufficient to sustain the financial commitment involved. You will therefore require the help of a specialist financial advisor to carry out an affordability assessment. This will help establish the share you will be required to buy.

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