Who’s Eligible For Shared Ownership?

If you love the idea of Shared Ownership, the next step is to find out whether you are eligible to use it.

Here are the general eligibility criteria for Shared Ownership, some housing providers may have other rules in place:

• You must be at least 18-years-old.
• You can be a first-time buyer, or somebody who has previously owned a property but can’t afford one outright now, or someone currently owning a Shared Ownership home who wants to move.
• If you are outside Greater London, your annual household income must be no more than £80,000.
• Within Greater London, your annual household income must be no more than £90,000.
• You should not be able to afford to purchase outright on the open market a home suitable for your housing needs.
• Your new home should be your only home.

Financially, you will usually need between 5% and 10% of the amount of the share you are purchasing as a deposit, and you’ll need additional funds to pay for the costs associated with buying a home, which includes legal fees, mortgage broker fees, removal fees and possibly Stamp Duty. In all, an additional £5,000 should be enough to cover these expenses.