Changes effective from 8th May 2019

10nd May 2019
By: Co-Ownership

Looking back over the last 12 months

Thank you for your continued support over the last 12 months. By working together we have helped over 1,000 people into homeownership and 654 families fully own their homes.  We believe that part of the reason Co-Ownership continues to be successful 40 years on is our ability to adapt to changing customer need.  Within the last 12 months we have;

  • Introduced digital applications
  • Put Co-Ownership buyers on an equal footing to other buyers by issuing an Approval in Principle within 2 days
  • Giving vendors reassurance that a Co-Ownership offer is a secure offer.

Changes to Co-Own

As you know, we overhauled our application process last year. We recently invited a group of stakeholders to share their opinions on the new processes, asking what works well and how it could be improved. We have also taken a look at our criteria to ensure it aligns with lenders.  Following this feedback, and to enable us to help many people as possible we have made the following changes;

  • We’ve extended the mortgage term on our affordability calculator from 30 to 35 years
  • We’ve further aligned our affordability rules with lenders by increasing our stress testing and reviewing our credit requirements.
  • If applicants are married, civil partners, or couples living together or intending to live together then we will expect them to apply together
  • If we believe that applicants may be able to save for a deposit, they may not be suitable for Co-Own

From 8 May 2019 we will also be making the following changes:

  • Our Assessment fee will increase from £70 to £100 and our Property fee will increase from £430 to £450
  • Self-employed applicants will need to provide 3 years accounts rather than 2 years

Changes to Rent to Own

Rent to Own allows customers who want to own their own home but are not mortgage ready take the first step towards home ownership.

We’ve bought 49 properties so far, and 8 of our tenants are either in the process of buying their own home or have already bought it.  To align ourselves with the changes made to Co-Own and the mortgage market, we are making the following changes to Rent to Own from 8 May 2019.

  • Our Assessment fee will increase from £70 to £100 
  • We will change the rent rebate from 25% to 20%
  • If applicants are married, civil partners, or couples living together or intending to live together then we will expect them to apply together

Information and support

We have a range of marketing materials available through our Dropbox account that can help you promote Co-Ownership alongside your business.  If you don’t already have access to our Dropbox, please email marketing@co-ownership.org and we’ll set you up

Back
Scroll Up