First come first serve policy

Shared Ownership homes will be allocated on a first-come, first-served basis to approved buyers.  This means buyers that have been signed off as approved to proceed by Warwick District Council’s panel of specialist shared ownership mortgage advisors.

The exception is when Armed Forces personnel apply, and in circumstances of under supply, priority will be given to serving military personnel and former members of the British Armed Forces discharged in the last 2 years.

Minimum surplus income policy

The purpose of the Minimum Surplus Income Policy is to protect buyers from unexpected financial burdens.

To achieve this, Warwick District Council set a 10% surplus income threshold. This means that after accounting for all housing costs and other financial commitments, buyers should have at least 10% of their net income remaining. The other 90% covers mortgage payments and living expenses.

The 10% figure is based on established industry practices. Mortgage advisors already use budget planners to assess a customer's financial situation and affordability. These planners help customers understand their financial commitments and identify any potential shortfalls.  

The 10% surplus income guideline provides a consistent and practical approach to managing affordability risks for shared ownership buyers.