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.