Co-ownership purchase price increases to £160,000
If you thought Co-ownership was not a feasible option for you, good news! There has been a £10,000 increase in the cap of the property you can purchase along with a few other applicant criteria changes as detailed below. This could mean that the new home you are looking for now falls within the boundaries of the scheme.
- Property value limit – the cap on the value of the property you can purchase has increased to £160,000 (this is up from £150,000).
- Current household debt – if you’re applying by yourself, the total amount you owe must not exceed £6,000 at the time of application. If you’re applying along with another person, the total amount owed must not exceed £12,000 between you at the time of application.
- Personal independence payment – this is now being treated in the same way as Disability Living Allowance.
- Foster income – Co-ownership will now take foster income into account when assessing a person’s income
All these criteria apply to applications received from 3rd of April 2017.
For more details see: https://www.co-ownership.org