Eligibility and priority

What is the eligibility criteria for Shared Ownership?

For households interested in purchasing a Council Shared ownership property, there are some eligibility requirements that must be met. These are:

• You must be at least 18 years old.
• Your total annual household income must be less that £80,000.
• Be a first time buyer. However if you do own another property (in the UK or abroad) you must be in the process of selling it.
• You should not be able to buy a home suitable for your housing needs on the open market.
• You must be able to demonstrate that you are not in rent or mortgage arrears. For Council tenants applying, you must pay off any rent or service charge arears for your application to be accepted.
• You must be able to demonstrate that you have a good credit history (no bad debts or County Court Judgements) and can afford the regular payments and costs involved in buying the share of the property.

You will also need a deposit of around 5-10% of the share you are purchasing and should have access to at least £4,000 to cover other costs of buying the property (this is a guideline figure, the actual amount may vary).

Who is prioritised for Council Shared Ownership?

In 2016, the Government removed all priority groups where there is an under-supply of Shared Ownership homes. While Shared Ownership generally aims to help first time buyers take the first steps to becoming homeowners, the scheme is available to anyone if they meet the eligibility and affordability criteria.

Properties will be sold on a first-come, first-served basis to applicants that meet the relevant eligibility and affordability criteria for the scheme.

However, the Council will give priority to existing and former members of the British Armed Forces who meet the eligibility criteria for military personnel and the relevant eligibility and affordability criteria, where a Shared Ownership property is available and unreserved.

Minimum surplus income requirements

To be considered for any of our shared ownership schemes, you must meet our minimum surplus income requirements. We will only accept applicants who have a minimum of 10% surplus monthly income remaining after the completion of the budget planner.

Your mortgage advisor will calculate this for you when they conduct their affordability assessment and complete your budget planner.

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