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.

** This home can also be purchased outright (100% of the value) which is £475,000 and a purchaser would not need to meet the eligibility criteria listed above.

You may be eligible for this property if:

• You have a gross household income of no more than £90,000 per annum.
• You are unable to purchase a suitable home to meet your housing needs on the open market.
• You do not already own a home or you will have sold your current home before you purchase or rent.

You will need to be earning a guidance income of £47,500. You will need access to savings of at least £4,000 to cover the cost of buying the home. A minimum 10% deposit approx. £9,625.Total approximate savings required £13,625

Important Borough Specific Eligibility Criteria

Borough of Tower Hamlets

Applicants from all London boroughs will be considered, with priority given to Tower Hamlets applicants.

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.

You will need to be earning a guidance income of £60,711. You will need access to savings of at least £4,000 to cover the cost of buying the home. A minimum 10% deposit approx. £11,000.Total approximate savings required £15,000.

Important borough specific eligibility criteria:

Tower Hamlets

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.

Priority will be offered to MOD personnel.

You may be eligible for this property if:

· Register your interest (pink button on the right)

· Have a passed initial financial assessment with one of the below companies:

SRC Mortgage Solutions (https://www.srcmortgagesolutions.com/)

TMP The Mortgage People (tmpmortgages.co.uk)

Mortgage Advice Bureau | UK’s leading mortgage intermediary (https://www.mortgageadvicebureau.com)

· You have a gross household income of no more than £90000 per annum when eligible to purchase.

· Live or work in the borough

· You are unable to purchase a suitable home to meet your housing needs on the open market. (Shares cannot be purchased in cash unless you are unable to obtain a mortgage due to age or religious grounds)

· You do not already own a home, or you will have sold your current home before you purchase or rent.

· To purchase this 25% minimum share you will need a minimum joint household income of £70712 and available savings of £12,125 for a 10% mortgage deposit.

Eligibility

You may be eligible for this property if:

· Register your interest (pink button on the right)

· Have a passed initial financial assessment with one of the below companies:

SRC Mortgage Solutions (https://www.srcmortgagesolutions.com/)

TMP The Mortgage People (tmpmortgages.co.uk)

Mortgage Advice Bureau | UK’s leading mortgage intermediary (https://www.mortgageadvicebureau.com)

· You have a gross household income of no more than £90000 per annum when eligible to purchase.

· Live or work in the borough

· You are unable to purchase a suitable home to meet your housing needs on the open market. (Shares cannot be purchased in cash unless you are unable to obtain a mortgage due to age or religious grounds)

· You do not already own a home, or you will have sold your current home before you purchase or rent.

· To purchase this 50% minimum share you will need a minimum joint household income of £63,154 and available savings of £12,500 for a 5% mortgage deposit.

If you're interested in buying an apartment through Shared Ownership at Arcadia View, you'll need to meet the following criteria based on your situation:

• Your overall household income is less than £90,000
• You are unable to purchase a suitable home to meet your housing needs on the open market
• You do not already own a home or you will have sold your current home before you purchase
• Priority will be give to those that work or live in the borough

If you're interested in buying an apartment through Shared Ownership at Arcadia View, you'll need to meet the following criteria based on your situation:

• Your overall household income is less than £90,000
• You are unable to purchase a suitable home to meet your housing needs on the open market
• You do not already own a home or you will have sold your current home before you purchase
• Priority will be give to those that work or live in the borough

If you're interested in buying an apartment through Shared Ownership at Arcadia View, you'll need to meet the following criteria based on your situation:

• Your overall household income is less than £90,000
• You are unable to purchase a suitable home to meet your housing needs on the open market
• You do not already own a home or you will have sold your current home before you purchase
• Priority will be give to those that work or live in the borough

If you're interested in buying an apartment through Shared Ownership at Arcadia View, you'll need to meet the following criteria based on your situation:

• Your overall household income is less than £90,000
• You are unable to purchase a suitable home to meet your housing needs on the open market
• You do not already own a home or you will have sold your current home before you purchase
• Priority will be give to those that work or live in the borough

You may be eligible for this property if:

· Register your interest (pink button on the right)

· Have a passed initial financial assessment with one of the below companies:

SRC Mortgage Solutions (https://www.srcmortgagesolutions.com/)

TMP The Mortgage People (tmpmortgages.co.uk)

Mortgage Advice Bureau | UK’s leading mortgage intermediary (https://www.mortgageadvicebureau.com)

· You have a gross household income of no more than £90000 per annum when eligible to purchase.

· Live or work in the borough

· You are unable to purchase a suitable home to meet your housing needs on the open market. (Shares cannot be purchased in cash unless you are unable to obtain a mortgage due to age or religious grounds)

· You do not already own a home, or you will have sold your current home before you purchase or rent.

· To purchase this 40% minimum share you will need a minimum joint household income of £69434 and available savings of £9400 for a 5% mortgage deposit.

You will need to be earning a guidance income of £72,214. You will need access to savings of at least £4,000 to cover the cost of buying the home. A minimum 10% deposit approx. £13,375 .Total approximate savings required £17,375.

Important borough specific eligibility criteria:

London Borough of Tower Hamlets

All London applicants will be considered – with preference given to those who are either living or working in the Borough.

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.