From 1st December 2021 there will be a change to the Property Value Limit, Property Assessment fee and our criteria. If you have any questions please contact us.
Property Value Limit increase
The Property Value Limit (PVL) is increasing from £165,000 to £175,000. This relates to both our Co-Own and Rent to Own products. The new PVL will apply to applications submitted to Co-Ownership on or after 1 December 2021.
If you have received an Approval in Principle (AIP) of £165,000 but have not yet uploaded a property that has gone to final offer stage, you can contact us to see if it can be increased. We will need to check if your financial circumstances will support a higher AIP amount.
If you have received a final offer, the offer will remain the same, as this relates to the property you have chosen.
Property Assessment Fee
From 1st December 2021 the property fee will increase from £450 to £475 due to increased costs. This applies to all new applications submitted from 1 December 2021. The property fee for existing applications yet to submit a property will remain at £450. The property fee provides you with a detailed property assessment, valuation and a significant contribution towards the conveyancing fees. This is subsidised significantly by Co-Ownership.
The application fee remains unchanged at £100.
In order to make these updates our Applications Website will not be available from Tuesday 30th November 2021 at 6pm. It will reopen on Wednesday 1st December at 9am.
Updates to criteria
We have made changes to our Co-Own and Rent to Own criteria which will come into effect on 1 December 2021. These are around outgoings, credit history and debt management. We have also included new information on service charges. Please click on the links to read these.