With our tool it’s easy to check whether you might be eligible for a shared ownership property. Simply fill out the short eligibility questionnaire below and take the next step towards securing your perfect home.
The criteria that determines whether you are eligible to buy a shared ownership home is set by the Government. If you are not currently eligible for shared ownership you may want to consider alternative options. You can contact a member of our team to discuss your next steps or to discuss any of the criteria below.
There are three key points of eligibility criteria that you need to pass before looking to buy a Shared Ownership home:
If after using our shared ownership eligibility checker you have found that you are eligible, the next question you may be asking yourself is: should I purchase a new build or a resale shared ownership home?
When purchasing a new build shared ownership home, you are buying a purpose-built home, with brand new features and fittings. You will need to go through an affordability assessment with a broker such as Metro Finance to figure out what share of the home you would be affordable for.
With a pre-loved home, sometimes it can be easier to envisage yourself living in it, something which may be harder to do if the home is still being built. To find out more about new-build and re-sale shared ownership properties, contact a member of our team.
When you come to apply for a Shared Ownership mortgage, the lenders that you apply to will take a number of financial factors into consideration. This is done to assess your risk and evaluate whether or not it is likely that you will be able to keep up with repayments.
The eligibility for shared ownership applications applies to all properties and applicants in England. There are different rules for shared ownership schemes in Northern Ireland, Scotland, and Wales.
When it comes to eligibility for shared ownership, unfortunately, you either are eligible or you aren’t. However, when it comes to being accepted for a shared ownership mortgage, there are a number of aspects that you can consider to improve your chances of being accepted for a mortgage. These aspects include:
