Who Can Apply For Shared Ownership?

Buying a brand new home through Shared Ownership is a popular way to get a foot on the property ladder for people who can’t afford to buy a property outright – but it’s not available to every house-hunter and the government has provided rules as to who is eligible to apply.

There are thousands of new build Shared Ownership homes currently available across England right now and to find out whether you are in a position to apply through the scheme, take a look at the rules below before you start your buying journey.

You can buy a home through Shared Ownership if both of the following are true:

• your household income is £80,000 or less per annum or less (£90,000 or less per annum in Greater London)
• you cannot afford the full price of the deposit and mortgage payments for a home that meets your needs

One of the following must also be true:

• you’re a first-time buyer
• you used to own a home but cannot afford to buy one now
• you’re forming a new household – for example, after a relationship breakdown
• you’re an existing shared owner, and you want to move
• you own a home and want to move but cannot afford a new home that meets your needs

On some developments, priority is given to people who live in, work in, or have a connection to the area.

If you own a home

When you buy a Shared Ownership home, you must have:

• formally accepted an offer for the sale of your current home (called ‘sold subject to contract’ or STC)
• written confirmation of the sale agreed (called a memorandum of sale) including the price and your intention to sell

You must have completed the sale of your home on or before the date you complete buying your Shared Ownership home.

Older people

If you’re aged 55 or over at the time of buying the home, you can buy up to a 75% share through the Older Persons Shared Ownership (OPSO) scheme. Once you own 75%, you will not pay rent on the rest.

Disabled people

You can apply for a scheme called home ownership for people with a long-term disability (HOLD) if other scheme properties do not meet your needs. For example, if you need a ground floor home.

Priority for members of the Armed Forces

Sometimes several households make an offer on a home at the same time. Your offer will be prioritised if you’re a serving member of the Armed Forces or, dependant on what your role was, if you previously served in the Armed Forces.

Find out more about current brand new Shared Ownership homes for sale.