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Buying a Home
Here are some frequently asked questions regarding buying a home.
| How do I qualify for one of these houses?
You must be able to prove a genuine local connection to the parish and be unable to afford a suitable open market property in this area. Please see our Qualification page for further details.
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| How do I apply?
You will need to fill in two forms, and supply us with copies of your proof of ID, proof of address and proof of income. These will then be sent onto the relevant Local Authority who will certify that you qualify for an affordable home.
You can download these forms here.
You will also be required to see a financial advisor to get a mortgage offer in principle, before we are able to finalise your place on the qualification list. First Step Homes are able to put you in touch with independent financial advisors who are experienced in which lenders are familiar with the restrictions and conditions under which the properties are sold.
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| What happens if the value of the property goes up?
If the property increases in value this is your good fortune because when you sell it, your investment will have increased by the same percentage as the value of the total property.
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| What happens if the value of the property goes down?
First Step Homes is able to offer the unique guarantee that, should the value of your property decrease to the extent that the proceeds from the sale are insufficient to repay the principal mortgage, we will, with the consent of the Local Authority, release additional equity that will enable your house to be sold at a higher price. This enables the principal loan to be repaid and avoids negative equity.
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