As a guide you will need to have a household income of at least £68,333.You will need access to savings of at least £4,000 to cover the cost of buying the home. A minimum 10% deposit approx. £19,000. Total approximate savings required £23,000.

Important borough specific eligibility criteria

Tower Hamlets

All London applicants will be considered with priority given to people who live/work 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.

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.

Are you eligible for a Shared Ownership home?

Eligibility will vary depending on which property you are looking at purchasing, the property size and whether there are any criteria imposed by the local authority.

General Shared Ownership eligibility criteria

• You must be aged 18 or older.
• Your annual household income if buying outside of London must be less than £80,000.
• Your annual household income if buying in London must be less than £90,000.
• You will normally be a first time buyer or be in the process of selling your home. You must not own any other property at the time you buy your new home.
• 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.
  Please note: You should always check the eligibility required with the specific development, as there may be specific criteria.

Priority for Shared Ownership:
In some instances, priority for Shared Ownership properties can be given to applicants:

• That work for the Armed Forces / Ministry of Defence.
• Who are council and housing association tenants.
• Who live or work in the borough in which the property is located over those who currently live or work outside it.
• On some developments, secondary priority is given to applicants who live or work in the neighbouring borough

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 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.

The minimum single income required is £85,000 per annum

The minimum joint household income required is £80,000 per annum

The minimum single income required is £88,000 per annum

The minimum joint household income required is £77,000 per annum

Shared Ownership Scheme

You may be eligible for this property if:

• Your income is £90,000 a year or less.
• You are a first-time buyer, you used to own a home but can't afford to buy one now, or you are an existing owner looking to sell.
• You are able to purchase a minimum share of 25% up to a maximum share of 75% (options to staircase to 100% ownership can be explored one year after completion)
• You do not own any other property within the UK or abroad. (You will need to sell any existing property owned before buying through the shared ownership scheme.)

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 £520,000 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 £85,722. You will need access to savings of at least £4,000 to cover the cost of buying the home. A minimum 10% deposit approx. £20,825. Total approximate savings required £24,825.

Important borough specific eligibility criteria

Lambeth

All London applicants will be considered with priority given to people who live/work 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.

• 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.