What is shared ownership?
Shared Ownership is an affordable homes ownership scheme which allows you the chance to purchase a share of a brand-new property for 25% – 75% of their market value with rent payable on the rest.
What are the benefits?
Shared Ownership is designed to keep the costs of home ownership affordable by spreading the cost over monthly payments, through a combination of mortgage and rent.
With shared ownership you only need a mortgage deposit on the portion you’re purchasing not the full market value of the home, creating savings in the short term.
Am I eligible?
Shared ownership is available for most people to apply for in a variety of circumstances including first time buyers, growing families and those who can’t afford to purchase a home outright on the open market.
Each scheme has its own eligibility criteria. These include but may not be restricted to:
- Local connection – To qualify for a local connection an applicant must comply with one of the following criteria:
- Has continuously been a resident in the locality for the last 3 years or
- Is permanently employed or has a firm job offer for a minimum of 16 hours per week within the locality (contracts for a minimum 1 year’s continuous employment/self-employment) evidence required.
- Is an armed forces personnel whose location is beyond their control and has lived for 3 years within the locality prior to the move.
- Existing or former members of the reserve forces and suffering from a serious injury, illness or disability which is wholly or partially attributed to their service and has lived in the locality for at least 3 years prior.
- Bereaved spouse or civil partner who is no longer entitled to MOD accommodation due to their bereavement and have lived in the locality for 3 years prior to their move.
- Previously lived in the locality for at least 3 years and have completed a post-secondary (tertiary) course within the previous 3 years
- Needs to live in the locality due to their/relative’s health needs
- Previously lived within the loc ality for a continuous period of 20 years or for half of their life prior to leaving the locality less than 10 years ago.
- Has spent 10 years of their school education within the locality
- On the advice of a professional that a person needs to live in the locality due to domestic violence.
- Financial requirements – To qualify an applicant must:
- Not be able to afford to buy suitable accommodation at open market value
- Earn less than £80,000 annually as a household
- You must show you are not in mortgage or rent arrears
- Bedroom need
- We always aim to adequately fill properties, families with young children will always be prioritised depending on their individual suitability
This can be found on each schemes page, just click on the schemes below to find out more.