The demand for our shared ownership homes often far outstrips the supply, it is therefore imperative that we are clear in how we allocate and offer our shared ownership homes to prospective eligible customers. This policy applies to every allocation of a new build shared ownership home to a prospective customer. We will ensure all prospective customers are aware of our policy approach when offering them a shared ownership home. We will ensure all prospective customers are aware of the process prior to expending any cost to themselves.

First Come First Serve Policy

Exceptions to the First Come First Serve Policy

At OX Place we have a two-stage approach to assessing your affordability and the suitable share you could buy, provided by a regulated Qualified Advisor from our panel. The assessment will be free of charge and our Sales Agents will provide you with the details of the nominated Qualified Advisor for the development you are interested in.

Stage 1: The Initial Assessment

The Qualified Advisor will request details of your income and expenditure and will assess, based on the current mortgage market and the monthly rent and service charge of the property that you are interested in, what share is affordable to you. If you pass this stage, OX Place’s provisional offer to you will be based on this professional advice.

Stage 2: The Full Assessment

Once we provisionally offer you a home you’ll then proceed to complete Stage 2: The Full Assessment. This is a more detailed assessment of your income and expenditure, your circumstance and preferences including any known or likely future changes that will impact your income and/or expenditure. This more detailed assessment will also involve a budget planner. This must be completed by the nominated Qualified Advisor. OX Place (or our Sales Agency staff) are not qualified to provide financial advice and so will always advise you to obtain advice from someone who is suitably qualified and experienced in shared ownership mortgages.

Monthly Minimum Surplus Income Policy

In line with regulative guidance, OX Place has determined that you should have available each month a minimum of 45% of your income once housing costs (Mortgage, Rent, Service Charges etc.) have been paid. We will also assess your overall surplus income i.e. the amount left after all your housing costs and other commitments and expenditures are paid. This is to ensure the home is affordable to you.

Mortgage Policy

Whilst the panel Qualified Advisor that provides the 2 Stage Affordability Assessment will discuss mortgage options with you as part of the assessment this is provided without any obligation. You are free to seek advice and apply for your mortgage from other sources. But the sign-off of the Affordability Assessment must be done by the nominated Qualified Advisor.

You must provide our Sales Agent with the details of your nominated mortgage broker when you complete your Sales Reservation Form. Once you have received a copy of your mortgage offer please provide a copy to our Sales Agent immediately so as to avoid delays in the purchase as OX Place need to approve your mortgage offer.

To ensure that your mortgage is approved quickly and does not cause delay please ensure that it meets the following criteria:

• It must state that it is for a shared ownership property
• No loans must be added to the mortgage
• Mortgage fees that are added to the loan will only be accepted up to £1,500
• No guarantor mortgages accepted
• No 100% mortgages accepted (i.e. minimum 5% deposit required)
• Only repayment mortgages accepted
• Must mention borrower is liable for specified rent subject to annual review.

Adverse Credit Policy

Adverse credit refers to any missed or non-payment on an individual’s credit report. The following types of adverse credit will show up on your report:

• Bankruptcy – a legal proceeding involving a person or business that is unable to repay outstanding debts
• County Court Judgements (CCJs) – an order from the County Court instructing you to repay a debt
• Individual Voluntary Arrangements (UVAs) – a formal agreement between you and your creditors that helps you repay what you can afford towards your debts.
• CAIS – late payment history or higher percentage of debt on cards/loans

A multi-agency credit report will be required to be sent to the Qualified Advisor as part of the Stage 2 Full Assessment.

For you to be approved with Adverse Credit you will need to meet the following criteria:

• No missed mortgage/rent arrears within the last 12 months
• Bankruptcy that has been discharged over 3 years ago (subject to Individual Assessment)
• No County Court Judgements (CCJs) within the last 36 months and they must be satisfied prior to the mortgage application
• Individual Voluntary Arrangements (IVAs)s that have been discharged over 3 years ago and who have no residual debt (subject to Individual Assessment).
• No more than 2 consecutive late payments in the last 24 months

Cash Buyer Policy

In line with regulative guidance, OX Place will consider cash buyers in the following instances where a customer is unable to obtain a mortgage because of either;

• Religious Belief
• Their age
• They are unable to work due to long term disability
• They are unable to work due to caring for a family member
• They are on a lower income that can afford the rent and service charge but not a mortgage

Customers wishing to purchase a shared ownership home with cash will still need to complete the 2 stage Affordability Assessment Process to be able to demonstrate that they fall into one of the above categories and will be able to afford the long term costs of ownership e.g. monthly rent and service charge. OX Place’s provisional offer to you will be based on the professional advice provided by the nominated Qualified Advisor. If you require any further advice (e.g. financial) you’ll need to obtain from your own Independent Financial Advisor