Your ReSI Home
Start your new home journey with Your ReSI Home
Your ReSI Shared Ownership is a private scheme.
Under the Shared Ownership model, you can buy between 25% and 75% of your home depending on what you can afford.
You will pay a mortgage on the share that you own and a reduced rent to Your ReSI Home on the remaining share owned by Your ReSI Home, this is worked out at 2.75% of the unsold share.
Depending on which mortgage lender you use, your deposit can be as little as 5% of your share value.
Not all customers will require a mortgage, some customers may be able to purchase their share with savings and no mortgage.
First-time buyers, existing shared owners and former owners buying again who cannot afford to buy a home on the open market may be eligible to buy a Your ReSI Home.
Eligibility
As with any long-term financial commitment, part buy – part rent requires you to meet various eligibility criteria.
We want to make this process as transparent and simple as possible, so read on for the key criteria to see if you’re eligible to buy a Shared Ownership home in England.
The first thing to consider is your income. To be eligible, your household income cannot exceed £80,000.
Secondly, you must be either a verified first-time buyer, or if you used to own a home but don’t anymore then you must be in the position that you can’t currently afford to buy outright again.
Part buy – part rent properties prove especially popular with armed forces personnel. With the Forces Help to Buy scheme, servicemen and servicewomen can apply to borrow up to 50 per cent of their salary (up to a maximum of £25,000) to help buy their first home.
Only military personnel are given priority over other buyers in government-funded shared ownership schemes. Different rules may apply to programmes run by individual councils, with priority groups established and based on local housing needs, which can include at-risk individuals and disabled people
To verify your financial circumstances as part of the eligibility criteria, an independent financial assessment will verify your capacity to pay the monthly costs you’ll need to maintain residence in your property.
An independent financial assessment is carried out by an appropriate financial expert (known as an IFA, independent Financial Advisor or IMA, independent Mortgage Advisor). This enables you to take out a mortgage and demonstrate your ability to pay the monthly costs that allow you to purchase your share in the property.
To determine the share of a part buy – part rent property you can afford, your independent mortgage advisor will help you use Homes England’s eligibility and affordability assessment calculator. This takes into account all your financial earnings and outgoings in order to determine what you can afford.
When you have completed the assessment, your advisor will inform you of the share you are able to buy, including the level of deposit you can afford. They will also determine what will qualify as sustainable monthly rent payments for your budget, ensuring you can keep up with monthly repayments today and for the foreseeable future.
To move forward with the purchase of a part buy – part rent property, you must be registered with a Help to Buy agent
Help to Buy agents can be found in your local area and your assessment should take no longer than 20 minutes.
Buyers must have a good credit history, with no bad debts or County Court Judgements to their name. They also need to demonstrate that they will be able to afford the regular payments and costs involved when living in a part buy – part rent property.
Once you are approved with a Help to Buy agent, you will be sent a letter of acceptance and your registration number. It’s imperative that you hold on to these documents and have them to hand when applying for your part buy – part rent property.
To purchase a share in a part buy – part rent property, you must register with a Help to Buy agent.