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Shared Ownership - Am I Eligible?

Am I eligible for shared ownership – I am self-employed?

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

Is there a maximum income allowance for shared ownership?

Yes, if you are looking to purchase a shared ownership property in England (with the exception of London) the maximum household income is £80,000. In London, the maximum household income is £90,000 per annum.

Is there a minimum income allowance for shared ownership?

There is no set minimum income allowance for shared ownership. Each property will have its own valuation and the housing association will determine the minimum income required for that property to be affordable to people earning under the maximum allowance threshold. If you have a large amount of cash to put down on a property this may make the minimum income more affordable.

Am I eligible for shared ownership - I own investment properties?

No, shared ownership is only available to first time buyers i.e. those that do not own any other property, owning investment properties will make you ineligible for the scheme.

Am I eligible for shared ownership - I am not a UK / EU citizen and I do not have indefinite leave to remain, can I get a mortgage?

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 working with the housing association you buy through to assess this.

Some lenders will allow EU/EEA residents to have a minimum 2 years UK address history.  If you are a non EU/EEA citizen, then lenders will require a full 3 year UK address history.

How is my income / affordability assessed when I want to purchase a shared ownership property?

Your gross salary is used to assess your eligibility. This means before any deductions such as tax, pension, salary sacrifices, student loans etc. If you get any bonuses, overtime or commission, 50% of it will be considered. Second jobs and other forms of income are also included. Student loans and bursaries are not an acceptable form of income and will not be considered by housing providers.

Am I eligible for shared ownership – I am on benefits?

Benefits will not be included as income when assessing your affordability, therefore it is unlikely you will be accepted for a shared ownership property or be able to find a mortgage.

Am I eligible for shared ownership – I have a poor credit history?

In order to buy you will need to be able to take out a mortgage. If your credit history stops you from doing this, then you will not be able to proceed. Before renting a property to you, housing associations will run a credit check. In some cases they will not allow you to rent the property if you have bad credit, so it is worth asking them about their policy before you view the property.

Am I eligible for shared ownership – I own a property which is currently up for sale?

To be eligible you will need to show that your current property is unsuitable for you. You will need to obtain written support for your application from your Council. The housing provider you are buying through will help you obtain this support and they will keep this on your file. Existing home owners must have sold the property, or had their name removed from the mortgage, before they can exchange contracts on a property bought through shared ownership, or they sign a rental agreement for an affordable rental property.

Am I eligible for shared ownership – I own a property abroad?

Shared ownership is not available to existing home owners, therefore you will not be eligible for shared ownership if you own a property abroad. You will have to sell the property you own abroad to be eligible to purchase a shared ownership home in the UK.

How do I know if I am eligible for shared ownership?

You should always check the eligibility required with the housing association selling the property, as they may have specific criteria.

  • 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 should generally be a first time buyer, i.e. you don’t already own a home. If you do already own, 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 to be able to easily access at least £4,000 to cover the costs of buying a home. This is a guideline figure – the actual amount you need will depend on the Help to Buy option you choose

  • In most cases you will also need to have enough savings or be able to easily access a minimum 5-10% of the equity share you are buying, as a deposit.  


Share to Buy Ltd is authorised and regulated by the Financial Conduct Authority. FCA register number 306800. You can find more detail on our status in our Initial Disclosure Document [109k] and Terms of Business.

For further information, contact us or write to: Share to Buy, PO Box 11998, Sudbury CO10 3BS. Registered in England and Wales no: 04909788.