Shared ownership eligibility depends on your income, your buyer status and whether you already own a home. The rules are set nationally but housing associations can add their own, so this guide covers the main criteria and how to check where you stand.
Who can buy a shared ownership home?
Shared ownership is open to people who cannot afford to buy a suitable home outright. That includes first-time buyers, people who used to own a home but cannot now, and existing shared owners moving on. You need to be at least 18 and able to show the mortgage and rent are affordable for you.
Shared ownership eligibility criteria
Income limits
Your household income must be below £80,000 a year (£90,000 in London). Most schemes also check that shared ownership is genuinely the right option for you rather than a full purchase.
First-time buyer or no other property
You generally cannot own another home when you complete. If you own one now, you usually need to be selling it as part of the move.
You cannot afford to buy outright
The scheme is meant for people who could not otherwise buy the home they need, so affordability is assessed both ways: you must be able to afford the share, but not the whole property outright.
Do I qualify for shared ownership?
If you are under the income cap, do not own another home and can afford a share, you are likely to qualify. The quickest way to be sure is to check your figures with an adviser, because a lender still has to be happy the mortgage on your share is affordable.
Can I get shared ownership on universal credit or benefits?
It can be possible, but it depends on your overall income and the lender. Some lenders will consider certain benefits as income; others will not. As a whole-of-market broker we know which lenders are more flexible, so it is worth a conversation rather than assuming the answer is no.
What salary do I need for shared ownership?
There is no single figure, because it depends on the price of the home, the share you buy and the rent. A smaller share needs a smaller mortgage and deposit. See what salary you need for shared ownership, and estimate the numbers with the shared ownership calculator.
The 45% rule explained
Many providers want your total housing costs, the mortgage, rent and service charge, to sit within a set percentage of your net income so the home stays affordable. We explain this in the 45% rule for shared ownership.
Checking your eligibility in Lincolnshire
We help buyers across Sleaford, Lincoln, Grantham, Boston and the surrounding villages check eligibility and get the paperwork right the first time. New to the scheme? Start with how shared ownership works, or talk to us about shared ownership mortgage advice. Income and scheme rules can change, so we confirm the current position with you. Your home may be repossessed if you do not keep up repayments on your mortgage.
