If you want to buy your first home but can’t afford the full price, shared ownership could be a good option. It lets you buy a part of the property and pay rent on the rest. But you may be asking, will I be accepted for shared ownership, and what do I need to apply?
Your chances depend on things like your income, living situation and the area where you’re applying. Local rules and housing provider policies also play a part.
Here’s what you should know before you apply.
What are the shared ownership eligibility criteria?
Before you apply, it’s important to understand the basic shared ownership eligibility rules. In most cases, you must:
- Be at least 18 years old
- Have a household income below £80,000 per year (or £90,000 in London)
- Not own another home at the time of purchase
- Be unable to afford to buy a suitable home outright on the open market
- Show you can afford the monthly payments, including mortgage, rent, and service charges
Meeting these conditions means you’re more likely to be accepted. Some housing providers may also have extra rules based on how they understand shared ownership.
Who can apply for shared ownership?
If you meet the rules, you can apply for shared ownership. It’s mostly for first-time buyers or people who don’t own a home now. You may also qualify if you are:
- Living in a council or housing association home
- A key worker, like a nurse, teacher, or emergency services staff member
- Someone who owned a home before but can’t afford to buy again
Some homes are saved for certain groups. For example, housing providers might give priority to local residents or people with specific needs. Whether your shared ownership offer is accepted can depend on how well your situation matches the home being offered.
Even if you qualify, demand can be high in some places, so getting approved isn’t always guaranteed.
Am I eligible for shared ownership?
If you’ve already checked the main rules and still wonder, am I eligible for shared ownership? It’s time to look at your personal finances. Lenders and housing providers will want to see that you:
- Have a steady income
- Can pay the deposit and the monthly costs
- Don’t have serious debts or credit problems
They may also check your job status, savings, and financial history. If you’re applying with a partner, both of your incomes will be reviewed.
This is where your eligibility for shared ownership really matters. It’s not just about meeting the basic rules; it’s also about showing that you can afford the home and manage the ongoing payments.
Am I eligible for shared ownership if I’m self-employed?
Yes, self-employed people can apply for shared ownership. But the process may need more paperwork. Lenders and housing providers will ask for extra proof of income.
You’ll usually need one or two years of trading history, plus your tax returns and business accounts. This helps show that your income is steady and can cover both mortgage and rent.
It also helps to understand how a shared ownership mortgage works. Since you’re only borrowing for a share of the property, lenders will assess your income based on the amount you plan to buy, which can make monthly payments more manageable.
What are the allocation and prioritisation rules for shared ownership housing?
Even if you meet the general requirements, you might still wonder why some applications are accepted before others. That’s because housing associations use a set of rules to decide who gets offered a property.
These rules are designed to make sure the homes go to those most in need. Priority is usually given to:
- People already living in the area
- First-time buyers or those with no other housing options
- Key workers like teachers, nurses, and emergency services staff
- Families with specific housing needs, such as overcrowding or disability
These rules vary slightly by region, and each provider may have its own policy. Understanding how the process works helps you know what to expect if your shared ownership offer is accepted or placed on a waiting list. In busy areas, demand can be high, so even qualified applicants may face delays.
Am I eligible for shared ownership if I’m retired?
When checking your eligibility for shared ownership, being retired doesn’t stop you from applying, but you may need to meet a few extra conditions depending on the housing provider. This includes being able to afford the ongoing payments and having a suitable income or savings.
Some providers may have age limits or require proof of pension income. You may also need to show that the property suits your needs if you’re downsizing or have health considerations.
Is shared ownership right for me?
Shared ownership can help you buy a home if buying one outright isn’t possible. But it may not suit everyone.
Before you ponder, ‘Will I be accepted for shared ownership?’ think about your long-term plans. It depends on your income, the property you choose, and the rules in your area.
You may find shared ownership useful if you are:
- A first-time buyer with a small deposit
- Earning a steady income, but priced out of the local market
- A key worker or someone with a local connection
- Retired or downsizing
- Self-employed with good financial records
If you want full control over the property or if you plan to move often, shared ownership might feel limiting. Buying more shares over time (called staircasing) can also cost extra.
Check if the property allows you to buy it fully later. Once your shared ownership offer is accepted, the housing association will guide you through legal checks and payments.
Conclusion
Shared ownership is a good way to buy a home if you can’t afford the full cost. It’s often used by first-time buyers, key workers, and those with lower savings.
Before applying, look at your shared ownership eligibility and decide if this option fits your needs. It’s not just about cost; it also depends on your plans, location, and the type of home you want.
If you meet the rules, this could be a helpful step towards owning your own home. Just make sure you understand the payments, rules, and limits that come with it. Knowing your eligibility for shared ownership helps you plan with confidence.