How does it work?
Shared Ownership gives you the opportunity to part-buy
part-rent a home of your own. You buy a share in the property,
normally by getting a mortgage and paying a deposit, and pay a
subsidised rent on the share you do not own. You can usually start
by buying between 25% and 75% of the full value. If you buy a
shared ownership property you will usually have a 125 year lease
which means you can live in your new home with similar rights and
responsibilities to that of an outright home owner.
Who can buy?
The main qualifying criteria for Shared Ownership are:
- You must have a total household
income of under £66,000 per annum for 1 and 2 bedroom homes or
£80,000 per annum for family sized homes (3+ bedrooms). A lower
income threshold (£60,000) is applicable on developments outside
- You must either be a first time
- Be a newly forming household, for
example, starting again after a relationship break up.
- Be relocating for work purposes to
an area where property prices do not allow you to buy a home
suitable for your family size.
- You must not currently own a home
anywhere in the world, unless a court order forces you to remain on
the deeds of a property where your children reside.
- You must be unable to afford to
buy a property suitable for your family size on the open
- A shared ownership home must be
your principle or only home and you may not sublet all or part of
- You must be financially able to
buy the minimum share available and pass a financial
- To be eligible you should also be
a British or EU/EEA citizen, or you have indefinite leave to
remain. Customers without indefinite leave to remain who are
interested in buying a home must be able to demonstrate that they
are able to raise a mortgage with an acceptable lender.
How we prioritise
Priority is given to those who are giving up a housing
association or council tenancy and to armed forces personnel. There
are also local priorities (which may vary from borough to borough)
agreed by Local Authorities or via planning conditions for those
who live or work in the borough where the property is to be
- We will prioritise according to
family size for larger properties.
- You may have one more bedroom than
your current needs if demand allows.
- We will not sell you a home we
believe is too small for your family.
- We will give priority to you if
you live or work in the same borough as the property.
- We will give second priority if
you live in the same sub-region as the property. For example, if
the property is located in Lewisham, we will give secondary
priority to applicants living in the south east sub-region, namely;
Bexley, Bromley, Greenwich and Southwark.
- After local people have been given
first option to buy we may consider your application if you live
outside the area.
Current housing situation
- We will give you additional
priority if you will be releasing a social housing property or if
your local authority considers you to be in priority housing
- Income and savings - we will only
offer properties to those who we are satisfied will be able to keep
Financial interview and identity
You must be able to afford the share on offer (usually with a
mortgage and savings), and be able to afford all the monthly
payments. You will be required to attend a financial interview
which is carried out by and Independent Financial Advisor
experienced in low cost home ownership. You have to bring proof of
you identity to the interview - we will give you details of what is
required when we make your appointment.
To find out if you qualify, call us on 020 7089 1315. If you are
interested in properties in Essex, you must first register
your details with the local Homebuy Agent. We will not offer you a
property without confirmation that you have been registered and
approved by the Homebuy Agent. To register for Essex, Surrey and
Kent, click here (you will be taken
to another website).
When purchasing you will need to:
- Have a good credit history.
- Raise £4,000 to cover the costs of
buying. This is to cover the cost of solicitors' fees, mortgage
arrangement fees, moving cost, etc.
- Have additional funds for a
deposit. The amount will depend on the cost of the share you buy,
your mortgage provider's requirements and your credit rating.
- Be employed, self-employed or
otherwise able to demonstrate you can afford to maintain the costs
of home ownership in the long term. Student loans, bursaries and
other similar forms of funding are not acceptable forms of income.
Housing benefit will not cover mortgage
How to apply for a Family Mosaic part buy, part rent
Step 1 - Find a property, or development that you like, using
Step 2 - During office hours, call us on 020 7089 1315 or
contact us using our