Eligibility Criteria:
You must:
- Be able to provide one month’s rent in advance and five weeks rent as a tenancy deposit
- Have the right to rent – proven by possession of British/EU/EEA Citizenship or a valid UK residency visa
- Meet the minimum income and affordability standards – this will depend on the price of the home you are interested in
- Minimum income requirements should be used as a guide and can vary depending on a household’s circumstances and financial commitments. The minimum income is based on a joint application and the minimum income for a single applications may be higher.
- The minimum income for a two-bedroom home is £38,865
- Have a formal tenancy (for example, in the private rented sector) or live in an informal arrangement with family or friends as a result of struggling with housing costs
- Shared Ownership eligibility criteria will apply on your London Living Rent home, L&Q cannot guarantee you will meet future affordability requirements should you wish to buy a Shared Ownership home
You must not:
- Already own a property or be in the process of buying
- Have a household income that exceeds £67,000
- Have an adverse rental history, for example, rent arrears or damage to a property
- Have a history of bankruptcy, defaults which include late payments, county court judgments (CCJs) or Individual Voluntary Agreements (IVAs).
- Have exceeded your agreed overdraft amount or gone into overdraft without having an agreed overdraft in place
