ELIGIBILITY

Shared Ownership gives first time buyers and those that do not currently own a home the opportunity to purchase a share in a new build or resales leasehold property. The purchaser pays a mortgage on the share they own and pays rent to a housing association on the remaining share. The combined mortgage and rent is usually less than you’d expect to pay if you bought a similar property outright although this is not a guarantee.

To be eligible for shared ownership you would need to meet the following criteria:

• Your annual household income does not exceed £90,000.
• You have a deposit of at least 5% of the share value
• You do not own another property or have your name on the deeds or a mortgage for a property worldwide.
• This will be your only residence.
• You are a permanent UK resident or have indefinite right to remain.

*Service charges are estimated and may subject to change. Rent and service charges will be reviewed annually by your housing provider, usually on 1st April each year.

** This home can also be purchased outright (100% of the value) which is £430,000 and a purchaser would not need to meet the eligibility criteria listed above.

You can buy a home through shared ownership if both of the following are true:

-Your household income is £80,000 a year or less (£90,000 a year or less in London)
-You cannot afford all of the deposit and mortgage payments for a home that meets your needs

One of the following must also be true:

You’re a first-time buyer

You used to own a home but cannot afford to buy one now
You’re forming a new household - for example, after a relationship breakdown
You’re an existing shared owner, and you want to move
You own a home and want to move but cannot afford a new home that meets your needs
For some homes you may have to show that you live in, work in, or have a connection to the area where you want to buy the home.

You can buy a home through shared ownership if both of the following are true:

-Your household income is £80,000 a year or less (£90,000 a year or less in London)
-You cannot afford all of the deposit and mortgage payments for a home that meets your needs

One of the following must also be true:

• You’re a first-time buyer
• You used to own a home but cannot afford to buy one now
• You’re forming a new household - for example, after a relationship breakdown
• You’re an existing shared owner, and you want to move
• You own a home and want to move but cannot afford a new home that meets your needs

• For some homes you may have to show that you live in, work in, or have a connection to the area where you want to buy the home.

You can buy a home through shared ownership if both of the following are true:

-Your household income is £80,000 a year or less (£90,000 a year or less in London)
-You cannot afford all of the deposit and mortgage payments for a home that meets your needs

One of the following must also be true:

you’re a first-time buyer
you used to own a home but cannot afford to buy one now
you’re forming a new household - for example, after a relationship breakdown
you’re an existing shared owner, and you want to move
you own a home and want to move but cannot afford a new home that meets your needs
For some homes you may have to show that you live in, work in, or have a connection to the area where you want to buy the home.

You can buy a home through shared ownership if both of the following are true:

-Your household income is £80,000 a year or less (£90,000 a year or less in London)
-You cannot afford all of the deposit and mortgage payments for a home that meets your needs

One of the following must also be true:

-You’re a first-time buyer
-You used to own a home but cannot afford to buy one now
-You’re forming a new household - for example, after a relationship breakdown
-You’re an existing shared owner, and you want to move
-You own a home and want to move but cannot afford a new home that meets your needs

For some homes you may have to show that you live in, work in, or have a connection to the area where you want to buy the home.

As a guide you will need to have a household income of at least £75,083. You will need access to savings of at least £4,000 to cover the cost of buying the home. A minimum 10% deposit approx. £14,625. Total approximate savings required £18,625.

Please note if your expected deposit is higher than 10% the required household income can be reduced - for more information please call 020 8548 2148.

Important borough specific eligibility criteria

Wandsworth

Wandsworth will only accept applicants who have registered with Wandsworth Home Ownership and have been granted a reference number. You will not be able to book a viewing for this resale property unless you can provide your Wandsworth reference number. This property will only be allocated to registered applicants for a minimum of eight weeks.

Applicants must be earning under £90,000 to be eligible for one, two and three bedroom apartments.

If you are an existing homeowner we will not be able to allocate you a home unless you have found a buyer for your existing home and are deemed to be in need of housing by your local council.

As a guide you will need to have a household income of at least £54,902. You will need access to savings of at least £4,000 to cover the cost of buying the home. A minimum 10% deposit approx. £12,450. Total approximate savings required £16,450.

Wandsworth

Priority given to people who live/work in the borough.

Wandsworth will only accept applicants who have registered with Wandsworth Home Ownership and have been granted a reference number. This property will only be allocated to registered applicants for a minimum of eight weeks

Applicants must be earning under £90,000 to be eligible for one, two and three bedroom apartments.

If you are an existing homeowner we will not be able to allocate you a home unless you have found a buyer for your existing home and are deemed to be in need of housing by your local council