If you would like to apply for one of the Low Cost Home Ownership schemes (LCHO) that are available, these are the general criteria that we will look at in assessing your eligibility. You should:
• be a first time buyer (or going through a relationship breakdown and so wanting to buy a property in your own right for the first time)
• have a permanent job
• have a good credit history
• not be able to buy a suitable home for you, within a reasonable travelling distance from where you work, without help
• have enough money to cover the costs of buying a home such as solicitor’s fees, valuations and stamp duty – normally around £3,000, although this may vary
You are unlikely to qualify for any of the LCHO schemes if:
• you have a poor credit history e.g. adverse credit and CCJs
• earn less than £12,000 per year and more than £60,000
• you give up your permanent job before you complete your purchase
• you have been in arrears with your rent during the last 12 months or are in breach of your current tenancy agreement
Some LCHO schemes will give you priority if you are:
- a tenant of a Housing Association or a Local Authority
- a key worker
- and / or are registered and on the waiting list (either the Housing Need Register or the Affordable Housing Register) of a Housing Association or a Local Authority
We look at every application on its own merits so the criteria above should be used only as a guide. If you would like any further information about whether you would be eligible for LCHO schemes, please contact us on: 0121 377 3725 or you can email us at: HBA@mercian.org.uk.
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