3.1 Requirements

3.1.1  Standard New Build HomeBuy (NBHB) eligibility requirements apply. Please see section 1.4 of the NBHB Overview for details.

3.1.2  The main requirement is that households should be earning less than £60,000, in housing need and not able to afford to buy a suitable property on the open market without assistance. 

3.1.3  It is expected that the majority of those approved for RtHB will be towards the lower end of the income range, as those with larger household incomes might generally be reasonably expected to rent through the private sector until they are able to access mortgage finance to buy on the open market or through NewBuild HomeBuy where eligible to do so.

3.2  Applying for the product

3.2.1  As with the usual process for NBHB, applicants should be directed to the HomeBuy Agents for formal assessment. HomeBuy Agents will apply NBHB criteria when assessing applicants but will not be required to undertake a formal financial assessment using the Agency's affordability calculator. However HomeBuy Agents will be expected to undertake a headline assessment to ascertain that in the longer term an applicant will be able to afford and sustain shared ownership.

3.2.2  Where a HomeBuy Agent assesses the application as eligible these details will then be referred to the developing NBHB provider to issue the tenancy.

3.2.3  Where a HomeBuy Agent does not assess the application as eligible the applicant should be advised on other housing options.