It is important to note, that the majority of INplace shared ownership schemes are prioritised to people living in the same borough as the development. Greater priority is given to purchasers who will be ending their tenancy of a council owned or housing association property when they move into their new shared ownership home. Nonetheless some shared ownership schemes are available to all.
To qualify for shared ownership products you must be in permanent employment and be in a position to raise a mortgage for the part you are buying. The amount you must be earning will vary depending on property prices where you want to live. However, we will be unable to help you if we feel that you earn sufficient to enable you to purchase a home outright without the assistance of our shared ownership scheme.
There are some initial costs involved in buying a shared ownership property just as there are when buying on the open market.
These include:
- Stamp Duty
- Valuation fee
- Legal fees
- Deposit
Therefore you should have at least £3,500 in savings before applying.
You must have a good credit history with no record of County Court Judgements, loan defaults or bankruptcy. We financially appraise and credit check all applicants for shared ownership.
You must be a first time buyer, although there are some exceptions to this. For example we can consider you if you have previously owned a property with a partner but where that relationship has broken down.
Some shared ownership is government funded, and therefore priority is given to local authority and housing association tenants releasing a rented home.
For a list of property available please use our property search.
If you need more information or help contact us.