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Shared Ownership Criteria

Dec 19, 2024
Affordable Home Ownership Schemes
If you’re struggling to save for a deposit or are just getting on the property ladder, shared ownership could be a great option. Wondering what the criteria are? We’re here to help. Explore our handy guide to learn more about the scheme, how it works, who qualifies and who is prioritised.

What is shared ownership?

Shared ownership, also known as ‘part rent, part buy’, is a government scheme that lets homebuyers purchase a share of a home while paying rent to a housing association on the other share. This is usually between 10% and 75% of the home’s full market value, and the housing association typically charges 2.75% on their share.
 
Shared ownership homes are always leaseholds, so you own the house but not the land it sits on. You’ll only pay the mortgage on the part you own, meaning you can borrow less. The minimum initial share you can purchase is 10%, but you can increase this amount later until you own 75% of the property. 
 

How do I qualify for shared ownership?

To qualify for shared ownership, you must: 
 
• Be at least 18 years old 
• Have an annual combined household income of less than £80,000 (£90,000 if you live in London)  
• Be a first-time buyer or unable to afford a property that suits your needs on the open market 
• Prove that you’re not in mortgage or rent arrears 
• Demonstrate a good credit history with no County Court Judgments (CCJs) 
• Be able to afford your mortgage repayments and rent  
 

Who is prioritised for shared ownership?

Shared ownership homes prioritise first-time buyers, military personnel, key workers and people with disabilities. However, the scheme is aimed at everyone who can’t buy a house outright, provided they satisfy the eligibility criteria. 
 
If you don’t qualify for shared ownership, explore our tailored schemes and offers that could help you make your move.
 
Browse our brand-new, energy-efficient homes across the UK, including 2 and 3 bedroom properties for first-time buyers and 4 and 5 bedroom homes for growing families. 
 
Call or visit our Sales Advisers today to start your homebuying journey.
 

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