Shared Ownership eligibility: do you qualify?

Wondering if you meet the Shared Ownership eligibility criteria? Let’s delve into the qualifications required and assess if you meet the standards set by both us and the UK government.

What are the criteria for Shared Ownership?

Financial criteria

To be eligible for LGAH’s Shared Ownership, your household income shouldn’t exceed £80,000 a year (or £90,000 a year in London). This income threshold ensures that the scheme remains accessible to individuals with varying financial capabilities.

Affordability

You’ll need to demonstrate that you can afford the full deposit and mortgage payments for a home that suits your needs. This criteria emphasises the assistance provided by Shared Ownership in making homeownership possible for those facing financial constraints.

Personal situation

One of the following conditions will also need to apply to your situation:

• First-Time Buyer: If you’re purchasing your first property, you’re eligible for LGAH’s Shared Ownership scheme.
• Previous Homeowner: If you’ve owned a home in the past but are unable to afford one presently, you qualify for Shared Ownership.
• Forming a New Household: Situations like relationship breakdowns may call for forming a new household, making you eligible for Shared Ownership.
• Existing Shared Owner: If you’re already part of a Shared Ownership scheme and intend to move, you’re eligible to apply for LGAH’s programme.
• Seeking Affordable Housing: If you own a home but can’t afford a new one that meets your needs, Shared Ownership offers a practical solution.

Location requirements

Some properties may have residency or work requirements. It’s essential to check if you live in, work in, or have a connection to the area where you plan to purchase a Shared Ownership home.

Assessing your eligibility:

Consult Legal & General Affordable Homes

For personalised assistance and detailed information on eligibility criteria, reach out to LGAH directly. We can guide you through the application process and address any queries or concerns you may have.

Use the eligibility checker

Utilise online tools, such as the Shared Ownership eligibility checker provided by the UK government and our affordability calculator, to assess your eligibility based on your circumstances.