How do I qualify for the Government Shared Ownership scheme
To qualify for Shared ownership the combined salary or other earnings of both you and your spouse or partner must not be more than £80,000 a year or £90,000 a year if you live in London. In addition, any of the following must apply:
- You are a first-time buyer
- You used to own a home, but cannot afford to buy one now; or
- You already own a Shared ownership property
In some cases, the property may also be located in a ‘designated protected area’ which may mean that to be eligible, you also have to have a connection to the local area. Properties of this kind are also often limited to a maximum of 80% ownership, or a requirement if you wish to sell, that you must sell back to the landlord, or another eligible buyer the landlord nominates, meaning you are not able to sell on the open market.
In all cases, you will be required to undertake an affordability assessment which will be carried out by an Independent Financial Advisor. They will assist you in assessing the share you are able to purchase and the affordability of mortgage and rent payments.
Please note that all information provided in this FAQ is for general reference only. It should not be used as a sole or definitive source, nor is it intended to be used for decision making in place of appropriate advice from a qualified legal professional. As such the information is provided as-is and Brevis cannot accept any responsibility or liability for any loss or damage resulting from any errors or ommission in, or any reliance on, information contained in this guide.