Share to Buy Expert Sessions: Your questions about eligibility

Answering your questions about eligibility!

Shared Ownership Eligibility

I'm over 55 - does that mean I am too old for Shared Ownership?

Eligible purchasers over the age of 55 can get help from another scheme called Older Persons Shared Ownership. It works in the same way as the general Shared Ownership scheme, but you can only buy up to 75% of your home. Once you own 75% you won’t have to pay rent on the remaining share.

Can I buy as a single person?

Yes – as long as you are eligible for the Shared Ownership scheme and can afford the property you’re looking to buy, you can purchase as a single buyer.

Can I buy a home with Shared Ownership if I am self employed?

As long as you can show at least three years of self-employed accounts, and providing your income is sufficient, you should be able to obtain a mortgage. If your income varies from year to year, you should seek independent financial advice about suitable mortgages and about managing the ongoing costs of home ownership.

I'm on a fixed term contract - will this affect my financial check?

Response from Censeo Financial – It will not affect your financial check, but may reduce the number of lenders that you can access for your mortgage. It would depend on how many contracts you have had, whether they have been renewed and what industry you are in. We would recommend you speak with a financial advisor who will be able to provide guidance on this.

Check out our mortgage panel to find the details of broker firms with experience in Shared Ownership.



Would having a County Court Judgement (CCJ) affect a mortgage application?

Response from Censeo Financial – It would not mean you were necessarily declined by all lenders, but it is likely that you’ll be required to pay a higher rate of interest.

Find more FAQs about the mortgage process on our mortgage page here.

Do I need to be a UK citizen or indefinite leave holder to be able to buy a property?

If you are able to demonstrate that you can get a mortgage and maintain the payments, you may be able to buy through Shared Ownership. You will have to undergo a financial assessment with a financial advisor who is working with the housing association you’d like to buy through. Some lenders will allow EU/EEA residents to have a minimum two years UK address history, while non EU/EEA citizen will often require a full three year UK address history.


I’m on a limited time visa of five years, with four years remaining. I want to buy Shared Ownership but I’m not sure if I am going to be living in the UK in the future - does it make sense for me to buy in Shared Ownership?

Response from Clarion Housing It depends on what your plans are, you may not wish to pay rent for the remaining four years so a Shared Ownership property may work out as a good short term investment if the property goes up in value over time. You’d need to weigh up the costs associated to see if it provides you with value/benefit.