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5. ELIGIBILTY - A QUICK TEST

WHAT IS YOUR INCOME?

To be eligible for consideration you must not be able to afford to purchase a property suitable for your needs on the open market.  However, you must also have sufficient income to raise at least 25% of the open market value of a property via savings and/or mortgage and be able to pay the rental element on the share of the home retained by the Housing Association (see section hyperlink).

As a general rule of thumb for Lincolnshire/Rutland (and using the mortgage multiples of 3 times joint income and 3.5 times sole income) your total gross income should be in the region of £16,000 - £22,000 per annum.

This will be assessed again in more detail in the second stage part of the selection process by the individual Housing Association who will go through all your financial commitments.

WHAT ARE YOUR EXISTING HOUSING CIRCUMSTANCES?

The schemes are designed to help particularly those people who are:-

• existing tenants of a local authority
• existing tenants of a Housing Association
• registered on the waiting lists or register of their local authority or Housing Association
• eligible to be registered on the waiting lists or register of that local authority or Housing Association.

WHAT ARE YOUR EMPLOYMENT DETAILS?

In many areas of the country the schemes are aimed at key workers (e.g. nurses, teachers, fire-fighters) but in Lincolnshire there is no such criteria laid down. However, each individual Housing Association may take employment details as a criteria if any individual scheme is over subscribed.