March 2024 Updates

From 25th March there will be a change to the Property Value Limit, some of our criteria and our Property Assessment fee. If you have any questions please contact us.

Property Value Limit increase

We are pleased to announce our Property Value Limit has been reviewed and is increasing from £190,000 to £195,000, for all new applications received from Monday 25th March 2024.The new PVL will apply to applications submitted to Co-Ownership on or after 25th March 2024.

If you have received a Co-Ownership Approval (AIP) of £190,000 but have not yet uploaded a property, you can contact us to see if it can be increased. We will need to check if your financial circumstances will support a higher Co-Ownership Approval amount.

If you have received a final offer, the offer will remain the same, as this relates to the property you have chosen.

This applies to Co-Own, Co-Own for Over 55s and Rent to Own.

Updates to applicant criteria

Other income
  • Carers allowance is now accepted as other income for both Co-Own and Co-Own for Over 55s.
Savings
  • For Co-Own the amount of savings an applicant can keep will increase from £12,000 to £13,000.
  • For Co-Own for Over 55s the amount of savings an applicant can keep will increase from £25,000 to £26,000.

Updates to property criteria

  • For Co-Own and Co-Own for Over 55s we now accept one bedroom properties.
  • If a property requires work to resolve issues, the value of the work we will accept has increased:
    • Before purchase issues will increase from £5,000 to £6,000.
    • After purchase issues will increase from £5,000 to £6,000.

Property Assessment Fee

The Property Fee will increase from £500 to £550. The property fee for existing applications yet to submit a property will remain at £500. 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, customer and solicitor websites will be unavailable for a short period of time. We will let you know when this will be.

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