What are the criteria?

In general terms, they are:

1. Housing need

2. Co-operative ethos

3. Skills

4. Financial resources and stability

You need to meet our reasonable expectations on:

Housing need 

You have to be able to demonstrate that you have a need and that you are unable to obtain reasonable living space by other means. We use Shelter’s Space Standard.

Co-operative ethos

You will need to be able to demonstrate your understanding of what living within a co-operative ethos means and how you would propose to live within it. You will need to give examples of how you expect to do or have done this.

Skills

You will need to give examples of what skills you can bring to the co-operative and how they can benefit the Association, also how you can apply them during your time of service on the management committee. If you do not currently have any skills then you will need to be able to identify what you are willing to learn and why.

Finances

You have to prove that you have adequate income, and that you can manage your finances to be able to afford to live in Glenkerry for the reasonable future. This means that you can afford the purchase of a property including its related one-off costs, plus ongoing monthly costs such as food, travel, council tax, utilities etc. The Association has, as at 31 March 2021, determined the minimum gross income to be £25,000 year.

Example calculations

The following example calculations are based on the cost for one year of a  1-bed flat purchased for £108,000. NB all figures are rounded for ease and subject to revision.

£25,000 gross income generates a net £1,720 per month. We have assumed savings of £18,000.

£15,000 deposit (£3,000 to cover other costs) would generate a £93,000 mortgage at 4% pa for 25 years = £450/month repayments. Of course, the rate can be variable and therefore the repayments are subject to change.

Figures are as at April 2021 and are our average EXAMPLE assessment of a single person’s costs of living in a 1-bed property.

* The monthly service charge includes the costs of: insuring the building, services like cleaning of the common parts, and heating to each property for at least the period of 1st October – 30 April. Currently, our 15-year business plan envisages increases of at least 8% year on year; please see the linked table.