As well as being eligible for Shared Ownership, you need to be able to get a mortgage and afford the other costs of owning a home too.

What you can afford?

We’ll put you in touch with a specialist mortgage advisor to help you assess your financial situation. We’ll decide the share of a property you can afford by looking at your take-home pay (after tax) and other financial commitments such as credit card debt.

Overall, the total cost of the mortgage, rent and service charges must be no more than 45-50% of your household income after tax.

Even if you have been pre-approved for a mortgage, we will not be able to sell to you if you exceed this debt-to-income ratio.

As we’d both be owners of shares in the property we need to make sure you can afford a home now and in the future.

Evidence of your income

Whether you're employed or self-employed, we'll also ask for evidence of your income –

  • three months of pay slips
  • bank statements from the bank accounts your income has been paid into.

If you're self-employed we'll need to see your SA302 forms and accounts from the last three years.

Can I apply if I’m not a British citizen?

You may have trouble obtaining a mortgage if you're not a British, EU or EEA citizen or if your passport is not stamped with 'Indefinite leave to remain'. In this case it's best to speak to a specialist mortgage advisor first.


NEXT: read our full guide to how Shared Ownership finances work