Shared Ownership: Your Questions Answered:
A straight‑talking guide for Londoners who want a home they love in the city they love. Shared Ownership is about opening doors, not gatekeeping them.
Q: How do I work out what I can afford with Shared Ownership?
Affordability is one of the first steps in your Shared Ownership journey. We want you to find a home that fits your lifestyle and your finances — no overstretching, no guesswork.
Our team will help you understand your options and connect you with a specialist mortgage advisor who can assess your situation and guide you through the numbers.
Q: What costs do I need to consider when buying a Shared Ownership home?
To buy through Shared Ownership, you’ll need to be able to afford:
- Your mortgage
- Your rent (which increases annually on 1 April)
- Your service charge
- Any other day‑to‑day costs of owning a home
You can read more about these costs in our main Shared Ownership guide.
Q: How is Shared Ownership affordability calculated?
As part of your application, you’ll complete an affordability assessment. We look at:
- Your take‑home pay (after tax)
- Your financial commitments (e.g., credit cards, loans)
Your total monthly housing costs — mortgage, rent and service charge combined — must be no more than 45–50% of your household income after tax.
Even if you’ve been pre‑approved for a mortgage, we can’t sell you a home if your costs exceed this threshold.
Q: What documents do I need to apply for Shared Ownership?
Whether you’re employed or self‑employed, you’ll need to provide proof of income. This includes:
- Three months of payslips
- Bank statements for the accounts your income is paid into
- If self‑employed: SA302 forms and accounts from the last three years
These documents help us confirm your affordability and progress your application.
Q: How does staircasing affect affordability in the future?
Staircasing is the process of buying more shares in your home as your income grows. Each time you staircase, you’ll have costs to consider:
- The price of the additional share
- Valuation fees
- Legal fees
The benefit? The more you own, the less rent you pay. Once you reach 100% ownership, you’ll own your home outright and pay no rent at all.
Q: Why is affordability such a big part of Shared Ownership?
Because Shared Ownership is designed to give you real, sustainable access to homeownership, not short‑term fixes or financial strain.
We’re here to help you find the right balance: the right home, in the right neighbourhood, with costs that support your future, not limit it.
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Q: What should I think about before applying for Shared Ownership?
Before you start your application, it helps to be clear on a few essentials:
- Who you’re buying with - if you apply together, you buy together
- How many bedrooms you need
- Keeping your application details up to date, we use this to assess eligibility and priority
- Getting your paperwork ready, financial statements, income evidence and ID
- Researching your mortgage options, including speaking to specialist financial advisors (SFAs) and solicitors
Being prepared makes the whole process smoother and faster.
Q: What do I need to apply for Shared Ownership?
To apply, you’ll need to:
- Prove your household income is under £90,000
- Provide details of your monthly income, savings and financial commitments
- Tell us your current living situation
- Let us know what type of home you’re interested in
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