Helpful information about affordability
Q: What is an affordability calculator?
A: It's a tool to help estimate how much you can borrow to buy a home by looking at your income and outgoings
Q: Why do we need to do an affordability check?
A: We complete an affordability check with you to ensure that you can afford to pay the monthly rent and service charge.
Q: What sort of information is required for the affordability check?
A: The following information is entered into the affordability calculator; name, address, purchase price, purchase price of the share, salary, debts, service charge, mortgage amount for the purchase share, the length of the mortgage term, the APR (annual percentage rate).
Q: After passing the affordability check, what happens next?
A: Once we're satisfied that you can afford a ForLiving Shared Ownership home you will receive an offer letter and property reservation form to complete and return.
Q: Will I get a breakdown of all the monthly costs before I complete the reservation form?
A: Yes, the terms and rental and service charge costs will be included in your offer letter.
Q: When will I need to give you my solicitor and mortgage information? Reservation form?
A: You will be asked to supply this information when you complete your reservation form.
Q: Will I need to pay a reservation fee for a ForLiving Shared Ownership home?
A: Yes, you will be required to pay a £150 non refundable fee to reserve a ForLiving Shared Ownership home.
Q: What happens after I have paid my non refundable reservation fee of £150?
A: Upon receipt of your reservation fee, the property will be reserved for you and we will instruct our solicitor and your solicitor to proceed with the conveyancing work.
Helpful information about what you will be asked to provide
Q: What sort of extra information will you ask me for after I view a ForLiving home?
A: To support your application, after viewing a ForLiving home you will be asked to supply proof of the following information
- Current address (utility bill or Home Buy Agency application form)
- Identification (passport or drivers license)
- Earnings (photocopy of your last 3 months' wage slips)
- Income (3 months' bank statements)
- Salary (letter from your employer)
- Landlord (rent book or letter of confirmation)
- Savings (photocopy of your building society pass book)