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Am I eligible?
Am I eligible for partial ownership?
Before completing the application form, please see if you meet the following criteria. You must:
- be a locally qualified resident of Guernsey and living in Guernsey
- be over 18 years old
- have minimum savings of £2,500 (1 bed,) £3,000 (2 bed) or £3,500 (3 bed) to cover the legal and mortgage fees
- be able to purchase, with earnings and/or savings, at least 40% of the property.*
- be able to satisfy the GHA that you are unable to afford to purchase a suitable property on the local housing market.
Please read the Partial Ownership Policy which contains more information.
Applicants must be able to finance at least the minimum percentage of a partial ownership property. The minimum annual income requirements are:
| Property required | Minimum income required |
1 bedroom | £24,000 per annum* (based on purchasing a 1 bedroom partial ownership property valued at £240,000) |
2 bedroom flat | £27,500 per annum* (based on purchasing a 2 bedroom partial ownership flat valued at £275,000) |
| 2 bedroom house | £34,500 per annum* (based on purchasing a 2 bedroom partial ownership house valued at £345,000) |
3 bedroom property (with a flat below and limited parking) | £33,500 per annum* (based on purchasing a 3 bedroom partial property valued at £335,000) |
| 3 bedroom house | £37,000 per annum* (based on purchasing a 3 bedroom partial ownership house valued at £370,000) |
| 4 bedroom house | £41,250 per annum* (based on purchasing a 4 bedroom partial ownership house valued at £412,500) |
*Please note these above limits only apply to applications received on or after November 2019. All previous applications will adhere to the previous limits.
Applicants must have a sole or joint income of less than:
| Property Required | Maximum Income Threshold |
1 bedroom | £50,000 per annum * (based on being able to borrow a minimum of £230,000 from a mortgage lender to purchase a one bedroom property in the private sector, not taking into account any savings required or outgoings such as loans and credit cards.) |
2 bedroom | £65,000 per annum * (based on being able to borrow a minimum of £270,000 from a mortgage lender to purchase a two bedroom property in the private sector, not taking into account any savings required or outgoings such as loans and credit cards.) |
3+ bedroom | £85,000 per annum* (based on being able to borrow a minimum of £345,000 from a mortgage lender to purchase a three bedroom property in the private sector, not taking into account any savings required or outgoings such as loans and credit cards. ) |
Here are some guidelines on potential mortgage and rent costs for buyers – please bear in mind that Bank mortgage interest rates and terms, and house prices, change over time so these figures are only a guide and should not be used as firm up to date figures. The mortgage figures were provided in December 2020 by Skipton International and will vary depending on the mortgage applicant's salary level, number of children, outgoings, sole or joint application, ages of applicants, and the rent and service charge also to be paid.
Example of one bedroom apartment
One-bedroom flat with kitchen, lounge, bathroom and allocated parking.
Property guide value of - £250,000.00
As a comparison with Social Housing rented property, the monthly rent in December 2020 would be £862.
*Monthly partial ownership guide figures quoted as at December 2020:
| RENT | MORTGAGE (30 years) | Total |
40% purchase (£100,000) | £259 | £463 | £722 |
50% purchase (£125,000) | £216 | £578 | £794 |
60% purchase (£150,000) | £172 | £694 | £866 |
70% purchase (£175,000) | £129 | £810 | £939 |
80% purchase (£200,000) | £86 | £925 | £1,011 |
In addition there will be a service charge for any landlord communal costs such as any GHA maintained roads, paths, parking spaces, drainage, landscaping, roofs, walls, CCTV, etc. For an apartment, this monthly cost could be between £150 to £180 dependent on the landlord services provided. All partial owners are responsible for their own maintenance costs.
This is based on a 30 year mortgage at our current rate of Base + 3.75% = 4.5%
Example of two bedroom house
Two-bedroom house with kitchen, lounge, bathroom, garden and allocated parking.
Property valued at - £370,000
As a comparison with the Social Housing rented property, the monthly rent in December 2020 would be £1,166.
Monthly Partial Ownership guide figures quoted as at December 2020:
| RENT | MORTGAGE | Total |
40% purchase (£148,000) | £350 | £685 | £1,035 |
50% purchase (£185,000) | £291 | £856 | £1,147 |
60% purchase (£222,000) | £233 | £1,027 | £1,260 |
70% purchase (£259,000) | £175 | £1,198 | £1,373 |
80% purchase (£296,000) | £117 | £1,369 | £1,486 |
In addition there will be a service charge for any landlord communal costs such as any GHA maintained roads, paths, parking spaces, drainage, landscaping, CCTV, etc. For a house, this monthly cost will vary depending on the estate specific services provided and could be around £120. All partial owners are responsible for their own maintenance costs.
Example of three bedroom house
Three bedroom house with kitchen, lounge, bathroom, garden and allocated parking.
Property guide value of £440,000.
As a comparison with the Social Housing rented property, the monthly rent in December 2020 would be £1,417.
Monthly Partial Ownership guide figures quoted as at December 2020
| RENT | MORTGAGE | Total |
40% purchase (£148,000) | £425 | £814 | £1,239 |
50% purchase (£185,000) | £354 | £1,018 | £1,372 |
60% purchase (£222,000) | £283 | £1,221 | £1,504 |
70% purchase (£259,000) | £213 | £1,425 | £1,638 |
80% purchase (£296,000) | £142 | £1,629 | £1,771 |
In addition there will be a service charge for any landlord communal costs such as any GHA maintained roads, paths, parking spaces, drainage, landscaping, CCTV, etc. For a house, this monthly cost will vary depending on the estate specific services provided and could be around £120. All partial owners are responsible for their own maintenance costs.
Waiting time
With our current waiting lists and the new housing being built, the waiting time to be offered a partial ownership property is between 3 to 4 years. We are hopeful during 2021 of securing more land and obtaining planning permissions and funding to plan to build more rented and partial ownership housing. Whilst applicants are waiting it gives them an opportunity to save up and pay off any debts which will improve the chances of securing a Bank mortgage on good terms.