Posted: 16 May 2017
#New Home #First Time Buyer
How do you know if you’re eligible for shared ownership?
What is Shared Ownership?
There are many benefits to buying your own home. Firstly, it’s yours. You can enjoy the peace of mind that your money is being invested, decorate it how you like, plus you’ll never have to worry about a landlord again. It’s a win-win scenario.
However, as we’re all aware, the current property market isn’t being kind to first time buyers. With growing demand and soaring asking prices, it’s getting increasingly difficult for first time buyers in this existing climate.
Shared Ownership allows first time buyers to purchase a home in an area that they would otherwise be unable to afford. With Shared Ownership the combined monthly rent and mortgage repayments are often less than if you were continuing to rent privately.
Buyers can purchase a share in a home with a mortgage and savings or deposit. Despite owning a share, you live in a home as if you owned it outright. It’s a government-backed initiative that provides first time buyers the opportunity to get on the property ladder.
Am I Eligible?
How do you know if you’re eligible? There are several elements that we assess when we receive an application, from current housing situation to profession, household income to your location. Each Shared Ownership applicant is assessed individually, however we do have a set of guidelines (outlined below).
Profession – We give high priority to those who are living in public sector accommodation or who are military personnel and by moving, it will free up a home.
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. The minimum earning is normally £20,000. 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.
Existing Home Owners – It’s also worth noting that we will also consider applications from existing homeowners. You must have sold your home or have it on the market to be eligible. We will review these on a case-by-case basis.
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 have new developments with homes available on a shared ownership basis. Start your property search here.
Are you looking for a stylish affordable home?
Southern Home Ownership is dedicated to providing stylish, high quality and affordable new homes for sale on a shared ownership basis.
If you're a first time buyer and interested in owning a shared ownership property in London and the South East then click on the link below to take a look at our latest developments.