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What can you afford
In this scheme applicants cannot use more than 40 per cent of their households’ annual gross income toward the cost rent on a property .
To help you work out how much gross income you need to qualify to apply for a property on the scheme we have set out a useful example.
Example: Property type: Two bedroom apartment.
- Weekly rent - £225.
- £225 x 52 weeks = (Yearly rent) £11,700.
- £11,700 divided by 40 (the maximum percentage) and then x 100 = £29,250.00
This means that you will need a minimum gross household income of £29,250.00
The actual rent level will depend on how many bedrooms are in the property, where it is located in the borough, whether it is a house or an apartment.