Shared Ownership Eligibility Criteria
Shared Ownership Eligibility in the CPCA
If you would like to purchase a Shared Ownership property within the CPCA region, you will need to meet some specific eligibility criteria.
The general requirements for Shared Ownership are as follows:
- You will need to be at least 18 years old.
- Your household income must be less than £80,000 per annum. However, it’s worth noting that if you ever decide to move to London, the upper limit for Shared Ownership in the capital is £90,000.
- You must not own any other properties in the UK or abroad.
- Shared Ownership is often aimed at helping first time buyers onto the property ladder but if you do own another home, you will need to be in the process of selling it.
- You should not be able to buy a suitable home for your needs on the open market.
- You will need to show that you are not in mortgage or rent arrears with your current lender, landlord or agent.
- You will need to be able to show that you have a good credit history and can afford the costs involved in buying a home.
Please be aware that the housing association or provider who is selling the property may also have their own specific eligibility criteria which you would need to meet.
The deposit on a Shared Ownership home is usually between 5% to 10% of the share that you are buying.
Generally speaking, you will also require access to around £4,000-£5,000 to cover the other costs of buying a home such as broker fees and solicitor fees. However, this is a guideline figure and the actual amount may vary.
If you’d like to find out more about the Shared Ownership scheme and how it can help you onto the property ladder in the Cambridgeshire and Peterborough Combined Authority, visit our info page here. You can also start your search for a Shared Ownership home in the CPCA region via our specialist property portal.