Shared Ownership Eligibility

What is the eligibility criteria for Shared Ownership?

Young couple unpacking boxes in their new Shared Ownership home

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.

You should have savings or be able to access at least £4,000 to cover the costs of buying a home. This is a guideline figure – the actual amount may vary.

In regards to a deposit, you will generally need between 5-10% of the equity share that you are purchasing. For more information, check out the costs associated with buying a Shared Ownership home.

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.

For more information you can visit our article index, or start your property search on Share to Buy today!