Who is eligible to buy a shared ownership home?
Are you interested in buying a shared ownership home but not sure where to start? Well, first things first – let’s check if you are eligible.
Before you start looking for your ideal home, it’s important to make sure you are in fact eligible for this home buying solution. Shared ownership is part of the government’s Help to Buy scheme, which means that it’s not available for everyone.
However, the eligibility is not as limited as you may think. There’s a misconception that shared ownership is just for first-time buyers, and that’s simply not the case.
What’s the criteria for shared ownership?
If you’d like to buy a shared ownership home, you must meet the following eligibility criteria:
- You are at least 18 years old
- You do not already own a home. Or, if you do own a home, you are in the process of selling it
- Your household income is less than £80,000 (outside of London)
- You cannot afford to buy a home suitable for your needs on the open market
- You are not in mortgage or rent arrears, and do not have outstanding credit issues
Can you afford shared ownership?
If you’re buying a home, you will also need sufficient savings for a mortgage deposit and be able to afford the mortgage and rent payments, along with the ongoing costs of owning a home. Deposits can be from as little as £2,000 and it is often cheaper to pay for mortgage and rent payments through shared ownership than rent on the open market, however affordability is key.
You can take a free affordability test with Cerris Homes to find out what you can afford. Simply contact our team for more details on this.
Is shared ownership right for you?
So, whilst shared ownership is ideal for first-time buyers, it is also a fantastic homebuying solution for previous or current homeowners who need to move but can’t afford to on the open market. Whether you’re downsizing, getting back on the housing ladder, or undergoing changes to your family living situation, shared ownership may be the option for you.
If you would like to find out whether you’re eligible for shared ownership, or would like to check your affordability, our team are here to help. You can email us at firstname.lastname@example.org or call us on 01782 854748.