Shared Ownership is a type of affordable homeownership when a purchaser takes out a mortgage on a share of a property and pays rent to a landlord on the remaining share.

Standard eligibility criteria for Shared Ownership

Be at least 18 years old.
Annual household income must be less than £90,000 (In London).
Annual household income must be less than £80,000 (Outside of London).
Not allowed to own another home. If you already own another property (in the UK or abroad), you must be in the process of selling it.
Not able to afford to buy a suitable home on the open market.
Able to demonstrate that you are not in mortgage or rent arrears.
Able to demonstrate a good credit history and show that you are able to afford the regular payments and costs involved in buying a home.
Have savings or be able to access at least £4,000 to cover the costs of buying a home. (This is a guideline figure, the actual amount may vary.)

Please note: Eligibility criteria may vary per housing association and therefore you should always check the exact criteria with the developer or housing association responsible for the exploitation of the project.