Mythbuster Series: It’s Hard to Qualify for Shared Ownership

You may have heard that qualifying for Shared Ownership is a tough process, filled with hurdles. This myth can make the scheme seem intimidating, discouraging those who could really benefit from it. But here’s the truth: qualifying for Shared Ownership is much simpler and more accessible than you might think!

The Reality: Qualification is Straightforward

Contrary to popular belief, the process is designed to be simple and accessible for a broad range of people. Shared Ownership was created specifically for those who may find it hard to buy a home outright, helping to make homeownership more within reach.

Getting started with Shared Ownership is simpler than you might think! The first step is to check if you’re eligible. While there are general rules, some housing associations and local councils may have extra criteria around nomination periods and affordability, which you can usually find on the property listing when searching for a new home or speak to the sales teams.

So, Who Qualifies?

Here’s what you need to know about the key requirements:

(accurate at time of publishing)

However, the most up to date criteria can be found here

How Does the Application Process Work?

The process is pretty straightforward. First, you’ll need to find a property you’re interested in. Once you’ve found a place, an assessment of your income and housing situation is conducted. Then comes the financial part: you’ll need to demonstrate that you can handle the deposit and mortgage payments. Don’t worry, though—this isn’t about setting up barriers but rather ensuring that Shared Ownership is a sustainable option for you.

All housing associations have varied methods of applying and Love Living Homes is no exception.  In line with regulative guidance, we must be open in offering our shared ownership homes on a first come first served basis. Please see our “First Come First Serve” policy. We also operate within our Monthly Income Surplus Policy that sets out the minimum amount of money in percentage terms that an applicant should have at the end of each month following the assessment of all elements of their income and expenditure.

Breaking the Myths

One common misconception is that Shared Ownership requires a perfect credit score or a hefty deposit. This scheme is designed to be inclusive, so you don’t need to meet impossible standards. Each application is considered individually and assessments are undertaken to ensure that affordability is achievable. Whether you’ve got modest savings or less-than-perfect credit, Shared Ownership is here to make homeownership possible, not harder.

Why Qualify?

Shared Ownership is a fantastic way to make homeownership more achievable, particularly if buying outright feels out of reach. There are many positive reasons why Shared Ownership is a viable home ownership option, including:

The Bottom Line: It’s Accessible

The scheme is designed to be inclusive and approachable, with the goal of helping as many people as possible. In fact, according to Gov.uk, from April 2022 to March 2023, over 17,500 Shared Ownership sales were completed, and a large portion of these went to first-time buyers. This shows just how many people are making the most of this affordable housing option.

So, don’t let the myths hold you back, qualifying for Shared Ownership is much more achievable than it seems. If you’re curious about whether you’re eligible, get in touch with us today, and we’ll help you take the first step towards owning your home!