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.
If you’re a first-time buyer, have previously owned a home or are in the process of selling your current home and cannot afford to purchase a property on the open market, you may be eligible for Shared Ownership. To qualify for the scheme, you must meet specific criteria. Find out more about these requirements below.
Qualifying for Shared Ownership
You can apply for Shared Ownership with us if:
- You’re age 18 or over
- You’re don’t already own a home (or you’ve sold your current home before you purchase)
- You’re an existing shared owner and want to move
- 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’re able to demonstrate affordability on the home you wish to buy
If more than one household applies for a Shared Ownership home, we’ll prioritise applicants based on certain criteria. You may get priority if:
- You work for the Ministry of Defence or have previously served in the British Armed Forces (depending on what your role was)
- 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 exceeds the maximum threshold
- You can’t prove you can afford regular repayments on your home long-term, including the mortgage, rent and service charge
Older Persons Shared Ownership eligibility criteria
Older Persons Shared Ownership (OPSO) is aimed at people aged 55 and over. The same eligibility and prioritisation criteria apply. However, you can only purchase up to a 75% share of your home, rather than 100%. Once you own 75%, you won’t pay rent on the remaining share.
Home Ownership for People with Long-Term Disabilities (HOLD)
The Home Ownership for People with Long-Term Disabilities (HOLD) scheme is designed for those with physical or learning disabilities, cognitive or sensory impairments, or enduring mental health issues. We’re passionate about making homeownership possible for all, which is why we also offer accessible homes on some of our developments.
The finer details
Before you apply for Shared Ownership, there are a few things you need to know. We’ve outlined the main conditions you need to be aware of below.
If you own a home already
Shared Ownership aims to help people buy their own home. If you’re already a homeowner, you can’t apply for Shared Ownership unless your current home is up for sale. Your current home must be sold on or before the date you complete on your Shared Ownership home purchase.
Your household income
There is no minimum income requirement to qualify for Shared Ownership. However, 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 Land Tax
- Removals
You will undergo a financial assessment as part of your Shared Ownership application to demonstrate that you can afford to cover these costs and the regular repayments on your home. Read our guide to Shared Ownership finances for more information.
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
- You’re employed on a temporary 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 3944 3033.