Do I qualify for shared ownership?
You’ll need to fit the following criteria:
- You can’t afford to buy a house on the open market
- You are a British, EU or EEA citizen or have ‘indefinite leave to remain’ in the UK
- You have a permanent contract of employment and not within a probationary period
- You have at least three years’ of audited accounts if you are self employed
- Your income fits our affordability for the property you are interested in purchasing. This will be discussed with you in our initial conversation
- You have savings to cover the mortgage deposit plus approximately £3,000 for legal, survey and mortgage fees plus stamp duty (if applicable). We would advise that you check any possible stamp duty fees with your solicitor at the time of purchase. If you don’t require a mortgage to purchase your share you will need enough funds to cover the above costs, less the mortgage fees
These people are given priority:
- Serving military personnel
- Council and housing association tenants
- People already living and working locally and who are on the council’s housing register (waiting list)
- Key workers, e.g. police, fire fighters, teachers, nurses, etc.
- First time buyers
- Applicants registered with Lea Valley Homes or the local HomeBuy Agent for the area
- Overcrowded existing shared owners
You won’t be able to buy a shared ownership home if:
- You aren’t a British, EU or EEA citizen, or your passport is not stamped with ‘indefinite leave to remain’ or you are not entitled to use public funds
- You can’t prove that you can raise a mortgage with an acceptable lender and afford to keep a home in the longer term
- You have a county court judgement (CCJ) registered against you, unless this has been satisfied (paid back) two years prior to application
- Your defaults must have been settled for at least two years prior to application
- You have a household income of more than £60,000 a year
- You have had a home repossessed within six years prior to application
- You have any mortgage arrears in the past 12 months
- You have negative equity which you cannot resolve with your lender (negative equity means that you owe more money to a mortgage lender than your property is actually worth)
- You already own a home you cannot or will not sell
- You have been made bankrupt/had an IVA (Involuntary Arrangement) and have not been discharged for at least three years
- You are self-employed and don’t have audited accounts for the last three full years, or copies of your last three years tax returns
