Shared ownership

Are you eligible for a shared ownership home?

Shared Ownership is an affordable way to buy and is designed to help applicants purchase their new home.  Shared Ownership allows you to part buy and part rent a home by purchasing a share in a property and paying a reduced rent on the remaining share.

Shares usually start between 25% and 75%* (developments dependant) of the full value and you may buy further shares in the future until you own outright (restrictions may apply).

You need to raise a mortgage to purchase your share. If you have a large deposit or equity from the sale of a property, this can also be used towards purchasing your share.

General eligibility criteria are:

  • Age:  18 years or over and be a resident in the UK
  • Household income less than £80,000
  • Not a home owner or named on a mortgage (applicants in the process of selling a home will be considered)
  • Unable to afford to buy a home on the open market
  • Have available deposit of at least 5% of the purchase price, depending on the lender’s requirements
  • Access to additional £2,500 to cover legal fees and the cost of moving
  • Household debt not exceeding £15,000
  • Be able to financially sustain home ownership in the longer term
  • Have a good credit history (Your application will probably be unsuccessful if you have any County Court Judgements or Defaults not settled/unsatisfied) 

Please note: You should always check the eligibility required with the specific development, as there may be specific criteria.

Priority for Shared Ownership

In some instances priority for Shared Ownership properties can be given to applicants:

  • That work for the Minsitry of Defence.
  • Who are council and housing association tenants.
  • Who live or work in the Local Authority in which the property is located over those who currently live or work outside it.
  • On some developments, secondary priority is given to applicants who live or work in the neighbouring boroughs.

*If you purchased your new home on the Affordable Home Ownership Scheme 2021-26, you could purchase a home from 10% shares

Contact our sales team on 0800 145 6663