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Shared Ownership is a government-backed scheme designed primarily to help first-time buyers to enter the property market. Buyers are only required to cover the cost of a deposit for a share of the home they are buying, with the option to gradually increase their shares and eventually own their property outright. So, what are the criteria that determine eligibility for Shared Ownership?
To be eligible for the Shared Ownership scheme, you must:
Keep reading to learn more about the eligibility criteria for purchasing a shared-ownership home.
While the Shared Ownership scheme may seem like an attractive option for your journey to homeownership, there are certain eligibility criteria that must be met. The key requirements are that you must be aged 18 years or older, and your household income must not exceed £80,000, or £90,000 for those who live in London.
Learn more about how first-time buyers can get onto the property ladder by reading our detailed blog: First-Time Buyer Tips for Getting onto the Property Ladder.
As the Shared Ownership scheme is primarily designed to help first-time buyers purchase their first home, first-time buyers are the typical applicants. However, the scheme is actually open to anyone (as long as you meet the eligibility requirements). For example, you may also be eligible for a Shared Ownership home if one of the following applies:
If you already own a home, you will need to have completed the sale of your home before you complete the purchase of a Shared Ownership property. Alternatively, you must be able to prove that you have formally accepted an offer on your current home, or have written confirmation of the sale agreement, also known as a memorandum of sale.
It may also be necessary to prove that you have good credit when purchasing a Shared Ownership property. For example, it is unlikely that you will be approved for the scheme if you are in rent or mortgage arrears, or if you have bad debts or county court judgements. For some properties, the housing association can also ask you to prove your connection to the local area, such as your place of work.
Use our simple checker online today to quickly check your eligibility for Shared Ownership.
In some cases, priority for Shared Ownership applications may be granted to certain individuals. Those who are currently serving or who have served with the British Armed Forces in the last two years are often given priority when multiple households apply for the same property.
Depending on the local council, priority may also be given to applicants who live or work locally. In general, it is worth noting that the housing association you are buying a Shared Ownership home from may have their own eligibility criteria, so be sure to check this before you apply.
Learn more about how long the Shared Ownership process takes by reading our detailed blog: How Long Does the Shared Ownership Process Take?
At Plumlife Homes, we are proud to offer a wide range of Shared Ownership properties for our clients. Our dedicated and friendly staff will help you throughout the process, and guide you towards your dream home. Contact a member of our team today to find out more, or browse our available Shared Ownership properties.
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