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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 the 14 June 2018. 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 | £46,000 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 | £54,000 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 | £69,000 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. ) |
| 4 bedroom | £73,000 per annum * (based on being able to borrow a minimum of £365,000 from a mortgage lender to purchase a 4 bedroom property in the private sector, not taking into account any savings required or outgoings such as loans and credit cards. ) |
*Please note these maximum income limits only apply to Applications we receive on or after the 14th June 2018. All previous Applications will adhere to the previously published maximums.
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 are only a guide and should not be used as firm up to date figures.
Example of one bedroom flat
One-bedroom flat with kitchen, lounge, bathroom and allocated parking.
Property valued at - £267,000.00
*Monthly payments (quoted for January 2019)
| RENT | MORTGAGE |
40% purchase (£106,800) | £249.60 | £540 |
50% purchase (£133,500) | £208.00 | £675 |
60% purchase (£160,200) | £166.40 | £810 |
70% purchase (£186,900) | £124.80 | £945 |
80% purchase (£213,600) | £83.20 | £1080 |
Monthly service charge - £160.22 per month
How long were the latest buyers on the waiting list? 2 to 3 years
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 - £355,000
*Monthly payments (quoted for June 2018)
| RENT | MORTGAGE |
40% purchase (£142,000) | £325.00 | £588 |
50% purchase (£177,500) | £270.83 | £735 |
60% purchase (£213,000) | £216.67 | £882 |
70% purchase (£248,500) | £108.33 | £1029 |
80% purchase (£284,000) | £54.17 | £1176 |
Monthly service charge - £79.77 per month
How long were the latest buyers on the waiting list? Averagely 3 years
Example of three bedroom house
Three-bedroom house with kitchen, lounge, bathroom, garden and allocated parking.
Property valued at - £430,000.00
*Monthly payments (quoted for January 2019)
| RENT | MORTGAGE |
40% purchase (£172,000) | £408.20 | £870 |
50% purchase (£215,000) | £340.17 | £1087 |
60% purchase (£258,000) | £271.13 | £1305 |
70% purchase (£301,000) | £204.10 | £1522 |
80% purchase (£344,000) | £136.07 | £1740 |
Monthly service charge - £139.71 per month
How long were the latest buyers on the waiting list? Averagely 3 years
*All figures, as at January 2019, are a guide only and is based on a 30 year mortgage at the current rate of Base + 3.75% = 4.5%