There are specific criteria which must be met in order to qualify to buy a shared ownership home:
You may be eligible
- You can’t afford to buy a house on the open market
- You are a British, EU or EEA citizen or have ‘indefinite leave to remain’ in the UK
- You have a permanent contract of employment and not within a probationary period
- You have at least three years’ of audited accounts if you are self employed
- Your income fits affordability for the property you wish to buy
- You have savings to cover the mortgage deposit plus approximately £3,000 for legal, survey and mortgage fees plus stamp duty (if applicable).
Check any possible stamp duty fees with your solicitor at the time of purchase.
If you don’t need a mortgage to purchase your share you will need enough funds to cover the above costs, less the mortgage fees.
- Serving military personnel and those honorably discharged in the last two years
- General Needs housing tenants - who vacant a property to move into a shared ownership home
- People already living and/or working locally and those with a close family local connection
Close family connection = parents, adult children, brothers or sisters who have been resident in the local area for the past 5 years
- People with a housing need
You are NOT eligible for Shared Ownership