Myth Buster: You Don’t Need to be a First Time Buyer to Buy a Shared Ownership Home
One of the common misconceptions about Shared Ownership is that you have to be a first time buyer in order to purchase a home.
However, this isn’t the case. Shared Ownership is also available to people that have purchased a home in the past.
How do you know if you’re eligible?
If you are already a homeowner, in order to be eligible to purchase a Shared Ownership property you will need to have sold your home. The sale needs to have gone through in its entirety before you can apply for a Shared Ownership home.
As well as selling your home, there are several elements that we assess when we receive an application, outlined below:
Income– If applicants are based outside of London, then we consider households with an annual income no higher than £80,000. For those in London, this increases to £90,000. However, if an applicant has a large deposit but a small income, then we can assess this on a case-by-case basis.
Location- Generally, priority is given to applicants that live or work within the area they want to buy. The criteria is set specifically for each development.
If you don’t meet the above criteria, there are other options available to you, and Southern Home Ownership can advise on these. You can also contact your local Help to Buy agent who will assess your housing needs and your next steps.
Specific eligibility criteria, such as household income requirements, are advertised under each development listing on our website.
If you think that Shared Ownership is for you, your next step is to start looking for a home. We regularly bring new developments to the market which feature homes available on a Shared Ownership basis. Start your property search here.
Are you looking for a stylish and modern 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.