Finland Way, NN18 9DB

Eligibility Criteria for Shared Ownership

To qualify for a Shared Ownership home, there are a few key requirements you need to meet:

- Age: You must be at least 18 years old.

- Income: If you live outside of London, your total household income must be less than

£80,000 per year. In London, the income cap is £90,000 per year.

- Property Ownership: You cannot currently own another home. Shared Ownership is mainly for first-time buyers, but if you do own a property (in the UK or abroad), you need to be in the process of selling it.

- Affordability: You should not be able to afford to buy a suitable home on the open market.

- Financial History: You must have a good credit history, with no outstanding debts or

County Court Judgements (CCJs), and show that you can afford the payments and costs involved.

- Deposit & Costs: Typically, you’ll need a deposit of 5-10% of the share you're purchasing and access to around £4,000 to cover additional costs like legal fees and surveys, although this figure can vary.

Who Gets Priority for Shared Ownership?

Shared Ownership is available to anyone who meets the eligibility criteria, including first-time buyers, people looking to move up, downsize, or relocate. While there are no priority groups in areas where Shared Ownership homes are in short supply, military personnel and former members of the Armed Forces (discharged within the last two years) are given priority under government schemes.

In some cases, local authorities may require that applicants who live or work in the area be given preference, depending on local planning policies.

Affordability & Eligibility Check

Each applicant will need to complete an affordability and eligibility check with an independent mortgage advisor. Once you submit an enquiry, we will send you a link to start this process.