Criteria For Shared Ownership Mortgages: What Are They?

Shared Ownership Mortgages are ideal for people who are struggling to get onto the property ladder. Whilst some people are put off by the idea of not owning a house outright, it’s not impossible to have that as your end goal.

It’s a popular route for first-time buyers who have had little success getting other types of mortgages. In this quick guide we’re listing the key criteria you need in order to qualify for the Shared Ownership scheme.

What are the criteria?

• You must be at least 18 years old.
• Outside of London your annual household income must be less than £80,000.
• In London, your annual household income must be less than £90,000.
• You cannot own another home (either in the UK or abroad). You don’t have to be a first-time buyer, but if you already own a property, you must sell it in order to qualify for a Shared
• Ownership mortgage.
• You should not be able to afford to buy a home on the open market.
• You must be able to demonstrate that you have no mortgage or rent arrears, bad debts or County Court Judgements.

If you fulfil these criteria, then you may well qualify for this type of mortgage.

Other points to note:

There is no minimum income requirement. However, lenders will want to see that you can afford the regular payments and costs involved in buying a Shared Ownership home. If you are self-employed you will typically need to show at least three years of accounts.

We hope this guide will help you see at a glance whether or not you are eligible for this property buying scheme. If you wish to get to know more about this type of mortgage and how it works, speak to the expert Shared Ownership Mortgage Brokers at Agentis. Get your free initial consultation today.