Shared Ownership is a government-backed scheme, designed to make stepping onto the property ladder easier. You can choose the location and property right for you, purchase percentage of your home, and pay a low cost rent on the remainder. The scheme is open to first time buyers, and those looking to move onto the property ladder. As with all house-buying schemes, affordability and eligibility criteria applies.
AM I ELIGABLE FOR SHARED OWNERSHIP?
Much like other government schemes, Shared Ownership has a list of affordability and eligibility criteria which you’ll need to comply with.
You could purchase a home through the Shared Ownership scheme if:
You are a first-time buyer, or can’t afford to buy a home on the open-market.
You’re currently selling your Shared Ownership home and would like to use the scheme to buy a new home.
Your household income is less than £80,000 (£90,000 if you’re in London) per annum.
In addition, certain schemes may require you to have a local connection to the area. This may mean you will either need to work in the local area, or have a family connection to the area, to be eligible to purchase a Shared Ownership home.
In addition to the eligibility criteria above, military personnel also receive priority for the Shared Ownership scheme. The criteria is as follows:
Current military personnel:
You must have completed your basic (phase 1) training and are either regular service personnel (including Navy, Army and Air Force)
Clinical staff (with the exception of doctors and dentists) Ministry of Defence Police Officers or uniformed staff in the Defence Fire Service
Have served in the Armed Forces for a minimum of six years and they apply to buy within two years (24 months) of the date of discharge from service will also be prioritised. You must also produce a Discharge Certificate (or similar documentation) as proof Surviving partners of Regular service personnel who have died in service where they apply to buy within two years (24 months) of the date of being bereaved.