Am I eligible for Shared Ownership?
If you’re looking to buy a home through Shared Ownership, it’s important to consider that there are a few eligibility requirements that must be met before you can be considered:
Age - You must be over the age of 18
Salary – If you’re living outside of London your total take-home salary can be no more than £80,000, and if you are living inside London then this increases to £90,000.
Previous home ownership – While the Shared Ownership scheme was originally implemented to help first-time buyers onto the property ladder, it does not wholly exclude those who have previously owned a home. You can still buy a Shared Ownership home if you have previously, but no-longer, own a home, or you must be in the process of selling your home and be able to provide proof.
Open Market – You should be unable to buy a home suitable for your needs on the open private market.
Affordability – Much like the usual home buying process, you must be able to provide evidence that you can afford the monthly mortgage and rent payments, as well as demonstrate a good credit history relating to debt, etc.
Location – Applications will also be considered and prioritised based on current living and working location. This can vary between developments as well as local boroughs, check our website for development-specific information.
Before considering purchasing a Shared Ownership home it is also important to consider that you will also need to provide a 5-10% deposit based on the equity and the share of the home that you are looking to purchase.
Are you looking for a stylish and modern Shared Ownership home in London or the South East?
Southern Home Ownership is dedicated to providing stylish, high quality and contemporary new homes, for sale on a Shared Ownership basis in a number of great locations such as Hove, East London and Surrey.
If you're a first-time buyer and interested in purchasing a property through Shared Ownership in London or the South East, then take a look at our collection of developments.