Conversation with Censeo on Homes England Capital Funding Guide

To join in the debate, have any questions you want answering in advance of the meeting or at the meeting please click here to view the post on the forum.

Subjects covered include the following:

• Requirement to use a qualified advisor, experienced in shared ownership who is regulated to give mortgage advice.
• Formal written agreement - 6.3.8 Providers may wish to formalise the relationship with their preferred advisor or panel of advisors by way of a written agreement. This is likely to apply particularly where providers are outsourcing document collection or Anti-Money Laundering (AML) checks for instance.

More transparency by providers publishing their policies. 6.1.2 Providers should publish clear information and policies in respect of how they consider Shared Ownership applications and the key factors taken into account in their decision making.

• First come, first served policy (a requirement).
• Adverse credit
• Cash Purchasers

Introduction of a new affordability methodology which more closely aligns with mortgage lender methodology 6.1.7 Providers are required to establish a surplus monthly income policy for applicants which sets out the minimum amount of money (in £ and / or percentage terms) that an applicant should have at the end of each month following the assessment of all elements of their income and expenditure.  A maximum amount should not be set as individual applicant circumstances need to be able to be accounted for.  The provider’s policy should be clearly set out and readily available to applicants and advisors.