Shared Ownership Eligibility

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Am I eligible for Shared Ownership?

What is the eligibility criteria for Shared Ownership?

For those looking to buy a Shared Ownership home, there are some eligibility requirements that must be met. The general eligibility criteria for Shared Ownership is as follows:

  • You must be at least 18 years old.
  • Outside of London your annual household income must be less than £80,000.
  • In London, your annual household income must be less than £90,000.
  • You cannot own another home. Shared Ownership purchasers are often first time buyers but if you do already own another property (either in the UK or abroad), you must be in the process of selling it.
  • You should not be able to afford to buy a home suitable for your housing needs on the open market.
  • You must show you are not in mortgage or rent arrears.
  • You must be able to demonstrate that you have a good credit history (no bad debts or County Court Judgements) and can afford the regular payments and costs involved in buying a home.

Additionally, you will generally need between 5-10% of the equity share that you’re purchasing as a deposit, and should have access to at least £4,000 to cover the other costs of buying a property. This is a guideline figure and the actual amount may vary. For more information, check out the costs associated with buying a Shared Ownership home.


Who is prioritised for Shared Ownership homes?

While Shared Ownership aims to help first time buyers take those first steps on to the property ladder, the scheme is actually available to anyone (including second steppers, upsizers and downsizers) as long as they meet the eligibility criteria. In 2016, the government removed all priority groups where there is an under-supply of Shared Ownership homes, with homes becoming available on a first come, first served basis to applicants that met the relevant eligibility and affordability criteria.

However, military personnel will be given priority through government funded Shared Ownership schemes, and in circumstances of under-supply of Shared Ownership homes, priority would be given to serving military personnel and former members of the British Armed Forces discharged within the last two years.

Also with some developments, local authority planning permissions may require that preference is given to applicants that already live or work in the area; this will be put in place by the local council and not the housing association.

Please note: The housing association who are selling the property may also have their own eligibility criteria, so it’s always worth checking what their requirements are too.


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