As well as being eligible for Shared Ownership, you need to be able to get a mortgage and afford the other costs of owning a home too.
What you can afford?
We’ll put you in touch with a specialist mortgage advisor to help you assess your financial situation. We’ll decide the share of a property you can afford by looking at your take-home pay (after tax) and other financial commitments such as credit card debt.
Overall, the total cost of the mortgage, rent and service charges must be no more than 45-50% of your household income after tax.
Even if you have been pre-approved for a mortgage, we will not be able to sell to you if you exceed this debt-to-income ratio.
As we’d both be owners of shares in the property we need to make sure you can afford a home now and in the future.
Evidence of your income
Whether you're employed or self-employed, we'll also ask for evidence of your income –
- three months of pay slips
- bank statements from the bank accounts your income has been paid into.
If you're self-employed we'll need to see your SA302 forms and accounts from the last three years.
Can I apply if I’m not a British citizen?
You may have trouble obtaining a mortgage if you're not a British, EU or EEA citizen or if your passport is not stamped with 'Indefinite leave to remain'. In this case it's best to speak to a specialist mortgage advisor first.