Am I eligible? 

Who is eligible for Help to Buy: Shared Ownership? 

You do not need to be in rented housing, on a local authority waiting list or a first-time buyer to access shared ownership. If you are a current home owner and wish to move to a shared ownership home, then you can.  

Also, if you buy through shared ownership and need, or want, to move then you can do so by selling your home and buying another shared ownership property.  You must continue to meet the eligibility criteria for shared ownership, including being unable to afford to purchase a suitable home on the open market.

Note that if you own a home currently, either outright or through shared ownership, then you will need to sell your existing property before, or at the same time, as buying a shared ownership home.

Help to Buy: Shared Ownership, in England is available to those who:
•    can't afford to buy a suitable home on the open market
•    have a household income of £80,000 a year or less outside of London
•    are assessed as being able to afford and sustain shared ownership.
 


Priority for British Armed Forces 

The only group of people that have priority for shared ownership homes are serving members of the British Armed Forces, or those that have been honourably discharged in the past two years.  Otherwise, you can apply for a home anywhere in England and do not need to live, work or have any local connection to an area other than in some designated rural areas.  

Eligibility and affordability checks 

We will carry out an initial eligibility and sustainability assessment. This helps to determine how much of a share of the home you can reasonably afford to buy. 

It's important that you can keep up with repayments over the longer-term. Your home may be at risk if you do not keep up the repayments on your mortgage or other loans secured against it.

As an appointed agent for shared ownership, we need to make sure all applicants meet the eligibility criteria for the scheme. The calculator and guidance used to assess eligibility and sustainability is set by the government, and is available to review online.

The amount that you can afford to buy at the start will also need to be agreed by your landlord, and your lender if you are taking out a mortgage.

If you are in a position to purchase a share without the need for a mortgage then this is possible, provided that you cannot afford to buy a suitable home on the open market.

If you are self-employed then this is not a barrier, provided you are able to evidence your income as required by either a mortgage lender or your landlord.

You can also access shared ownership even if your income is reliant in part, or in whole, on benefits (including Universal Credit).
 

More information about Help to Buy: Shared Ownership 

For more information about Help to Buy: Shared Ownership please read our frequently asked questions.

 

Eligibility for Help to Buy: Equity Loan 

Help to Buy: Equity Loan is open to all buyers seeking a newly build home, in England. It is not just for first-time buyers.

As an appointed agent for Help to Buy, we need to make sure all applicants meet the eligibility criteria for the scheme.

To apply for a Help to Buy: Equity Loan you must: 

•    have a deposit with a minimum value of 5% of the full purchase price of the property
•    arrange a repayment mortgage valued at between 25% and 75% of the full market value of the home (up to 55% in London)
•    reserve a newly built home, being purchased from a registered Help to Buy property developer, up to the value of £600,000
•    be able to evidence that you can afford the repayments on the equity loan and all other outgoings.  

At the time you buy your new home with a Help to Buy: Equity Loan you must not:

•    own any other residential property, or have your name attached to the deeds of another residential property, in the UK or abroad. The home purchase through an equity loan must be the only home you will own. 

Married couples are considered as owning assets (such as property) jointly and therefore, if one owns a property, the other is directly linked to it and is treated as a homeowner.  

You will be expected to sell your current home (in the UK or abroad) if moving. 

The scheme is not available to assist buy-to-let investors or to own land with planning permission to build residential properties.

•    sub-let or rent the property out after you buy it, without written consent to do so.
•    have a financial interest in any other residential property, even if you do not live there.

If you make a fraudulent claim for a Help to Buy: Equity Loan you may be liable to criminal prosecution. You will also have to pay back the loan immediately.

Affordability checks


We will carry out an initial eligibility and sustainability assessment. This helps to determine how much you can reasonably afford based on your outgoings. 

It's important that you can keep up with repayments over the longer-term. Your home may be at risk if you do not keep up the repayments on your mortgage or other loans secured against it.

The calculator and guidance used to assess eligibility and sustainability is set by the government and is available to review online.

Further affordability checks will be carried out by your financial advisor or mortgage advisor.

Applying for Help to Buy: Equity Loan 


Those who are eligible for a Help to Buy: Equity Loan can start the application process.