Are you eligible for a Shared Ownership home?
Eligibility will vary depending on which development you are looking at purchasing, the property size and whether there are any criteria imposed by the planning approval. There are however, some general, overarching criteria you will need to meet.
General Shared Ownership eligibility criteria:
- You must be aged 18 or older.
- Your annual household income for buying in London must be less than £90,000.
- You will normally be a first-time buyer although some applicants who own or have previously owned may be eligible e.g. those who through a relationship breakdown find themselves unable to buy on the open market and meet all other criteria for shared ownership. You must not own any other property in the UK or abroad or be in the process of selling your home.
- You have indefinite leave to remain; live and work in the UK under the Immigration Act 1971.
- You should not be able to afford to buy a home on the open market which is suitable for your housing needs.
- You must be able to show you are not in rent or mortgage arrears.
- You must be able to demonstrate that you have a good credit history (no County Court Judgements or bad debts) and can afford the costs and regular payments involved in buying a home.
- You have a deposit to secure a mortgage – at least 5% of the share you buy, and additional savings to cover the mortgage and legal costs of buying a home.
Please note: You should always check the eligibility required with the specific development, as there may be specific criteria.
Priority for Shared Ownership
The priority for shared ownership is given to Armed Forces personnel (serving military personnel and former members of the British Armed Forces discharged in the last 2 years), in accordance with Homes England and GLA guidance, and Armed Forces Covenant for Lewisham. However, shared ownership is open to anyone who meets the eligibility criteria. priority will go to
The Council want to ensure that those with a strong connection to Lewisham have priority, therefore, shared ownership properties will be prioritised to:
Priority 1 – Lewisham Council Social Housing Tenants.
Priority 2 – London Borough of Lewisham residents on the Housing Register.
Priority 3 – Current London Borough of Lewisham residents
Priority 4 – Applicants who work in the London Borough of Lewisham
Priority 5 – Applicants living and/or working in another London Borough
Where two people have the same priority status, priority will be on a first come, first serve basis.
In most of our schemes, we have wheelchair adaptable homes for sale under shared ownership.
There are additional considerations regarding eligibility for Home Ownership for People with Long Term Disabilities (HOLD). As with shared ownership applicants need to be able to sustain the cost of home ownership. This will require applicants to either have a lump sum sufficient to cover the initial purchase without the need for a mortgage, or an ongoing source of income sufficient to secure mortgage finance. For more information visit:
www.local.gov.uk/publications/home-ownership-people-long-term-disabilities-hold-factbook