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Am I Eligible for Shared Ownership?

Shared Ownership Eligibility

Eligibility will vary depending on which development you are looking at purchasing, the property size and whether there are any criteria imposed by the local authority. There are however, some general, over-arching criteria you will need to meet.

The general, over-arching criteria for Shared Ownership Eligibility is as follows:

1. Your total household income needs to be no more than £90,000 per annum. A lower income threshold (£80,000) is applicable for developments outside London boroughs.

2. You must either be a first time buyer or:

Be a newly forming household; for example, starting again after a relationship break up.

Be relocating for work purposes to an area where property prices do not allow you to buy a home suitable for your family size.

3. You must not currently own a home anywhere in the world, unless a court order forces you to remain on the deed of a property where your children reside.

If you have a property to sell, this must be under offer with solicitors instructed in the sale by both parties.

4. You must be unable to afford to buy a property suitable for your family size on the open market.
5. The Shared Ownership home you’re looking to buy must be your principle or only home and you may not sublet all or part of it.
6. You must be financially able to buy the minimum share available and pass a financial assessment and secure a mortgage.
7. You should also be a British or EU/EEA citizen, or you have indefinite leave to remain. Customers without indefinite leave to remain who are interested in buying a home must be able to demonstrate that they are able to raise a mortgage with an acceptable lender. It should be noted that you need to be 18 years old or over to apply for a mortgage, and have savings for the legal and financial arrangements and the mortgage deposit.

You can read our complete guide to Shared Ownership for further information or take a look at our interactive journey to buying a Shared Ownership home.

Watch our video - An introduction to Shared Ownership

Priority for Shared Ownership

Priority for Shared Ownership properties is given to applicants:

  • That work for the Minsitry of Defence.
  • Who are council and housing association tenants.
  • Who live and/or work in the borough 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.

The Next Steps

Now you know your eligibility for Shared Ownership, you can begin your search for a new home using our property search. Once you have found a property you are interested in purchasing, you can register your interest on the development page.

Once registered you can login to complete the Shared Ownership application form and we will keep you up to date with the development progress with email newsletters and we will email you once we are ready to open the application process to invite you to a property viewing.

Want to check your Shared Ownership Eligibility?

As stated above, eligibility for Shared Ownership can depend on which development, area and property size you are looking at. Therefore there may be slight variations to the over-arching criteria as shown.

If you have found a property you are interested in purchasing and want to check your eligibility for it, you can speak to a dedicated member of our team who will be able to advise you.

You can contact our team by email on sales@familymosaic.co.uk or by phone on 020 7089 1315.