Shared ownership is designed to give a helping hand to people who would otherwise be priced out of home ownership.
You can apply for Shared Ownership with us if:
- you do not already own a home or you will have sold your current home before you purchase
- your household income (i.e. the combined earnings before tax of the people who want to buy together) is less than £90,000 (if you're buying in London) or £80,000 (if you're buying outside of London).
You'll get priority if you work for the Ministry of Defence and some applicants may also get priority if:
- you're a council or housing association tenant
- you already live or work in the area where you want to buy
- your local authority has put you forward.
Even if you don't fall into one of these categories it's still worth applying, as long as you meet some basic conditions, and the criteria of each individual development – we'll tell you more about these criteria when you book a viewing.
We need to make sure of a few things before you apply for Shared Ownership.
Owning a home already
Shared ownership is designed to help people buy their own home, so they take priority. But if you do own a home, you can still apply if it's already advertised for sale.
Minimum household income
Our developments are all priced differently, so you'll need to be able to meet the guidance income of the development you're interested in. This is based on how much you would roughly need to be earning in order to pay for the housing costs without exceeding around 45% of your net monthly income. We'll help you work this out when you apply to buy.
In addition to the mortgage deposit, which is usually 10% of the share you're buying, you'll need at least £3,000 - £4,000 in savings, and possibly more, to cover other costs such as:
- legal costs
- survey fees
- mortgage arrangements
- stamp duty
If you're working for the Ministry of Defence Armed Forces you'll need to have completed basic (phase 1) training or be:
- Regular Service Personnel (including Military Provost Guards Service in the Army, Navy, Air Force)
- Clinical Staff (excluding doctors/dentists)
- MoD Police Officer
- Uniformed Staff in Defence Fire Service.
If you've served as Regular Service Personnel in the Armed Forces for at least six years, and can show us a Discharge certificate or a similar document, you can apply within 12 months of discharge.
If your partner has died in service then you may also get priority for Shared Ownership if you apply within 12 months.
Who doesn't qualify?
In some cases you may not be able to apply for Shared Ownership.
Shared ownership restrictions
Shared ownership isn't available to you if you:
- already own a home you can't or won't sell once we offer you a Shared Ownership home
- have a household income (i.e. the combined earnings before tax of the people who want to buy together) of more than £90,000
- can't get a mortgage from a lender we approve (you must obtain a mortgage to buy a Shared Ownership property, unless you are unable to access lending due to your age, a disability or on religious grounds)
- can't prove you can afford to maintain a home in the long term.
We will need to see your last three months' pay slips. You may find it difficult to get a mortgage if you're still within a probationary period, or are employed on a temporary or fixed-term basis.
Similarly, it may be hard getting a mortgage if you're self-employed and don't have either audited accounts for the last two full years plus an estimate for the current year OR copies of your last three years' tax returns.
Need more information?
If you have any questions about whether you can apply for Shared Ownership, please get in touch: you can call us on 0203 815 2222.