Shared Ownership Eligibility
When it comes to finding a home in London, we’re passionate about giving people more choice. We were the first to open a UK Shared Ownership scheme and we’ve helped thousands of people get on and move up the property ladder in the city they love.
Qualifying for Shared Ownership
What’s the Shared Ownership criteria? You can apply with us if:
- You don’t already own a home (or you’ve sold your current home before you purchase)
- Your household income (i.e. the earnings, before tax, of the people who want to buy) is:
- Less than £90,000 (if you’re buying in London)
- £80,000 (if you’re buying outside of London)
You might get priority if:
- You work for the Ministry of Defence
- You’re a council or housing association tenant
- You already live or work in the area where you want to buy
- Your local authority has put you forward
You can’t apply for Shared Ownership with us if:
- You already own a home and can’t/won’t sell it
- Your household income (i.e. the earnings, before tax, of the people who want to buy) is more than £90,000 (if you’re buying in London)
- Can’t prove you can afford to maintain your home long-term
The finer details
Before you apply for Shared Ownership there are a few things you need to know, which we’ve outlined below.
If you own a home already
Priority goes to helping people buy their own home, so if you’re a current homeowner you can’t apply unless your home is already advertised for sale.
Your household income
All the homes we sell include a guidance income, which is based on how much you’d need to earn to pay the housing costs. If you have any questions around the guidance income shown please Contact our team.
Shared Ownership costs
There are some initial costs when you buy a Shared Ownership home including:
- Your deposit
- Legal costs
- Survey fees
- Mortgage arrangements
- Stamp Duty
- Removals
Your employment
When you apply for Shared Ownership, we’ll need to see your last three months’ pay slips. You might find it more difficult to get a mortgage if:
- You’re within a probationary period
- Employed on a temp or fixed-term basis
- You’re self employed and don’t have copies of your last three years’ tax returns OR audited accounts for the last two years plus an estimate for the current year
Citizenship
You might have trouble obtaining a mortgage if you’re not a British, EU or EEA citizen or if your passport isn’t stamped with ‘indefinite leave to remain’. In this case it’s best to speak to a specialist mortgage advisor first.
If you have any questions or want to check your eligibility give our team a call 020 3811 1725.