Shared ownership – is it for me?
Shared ownership can help you buy a home of your own. It's a great alternative to renting or full ownership and it might be suitable for you if you can't afford to buy your own home outright.
Aster provides brand new and resale properties for shared ownership. Depending on the scheme, type of property and location, shares as low as 25% are available.
But is shared ownership for you? Let’s find out…
You can buy a shared ownership home if…
Your household earns £80,000 a year or less (£90,000 a year or less in London) and any of the following apply:
- You’re a first-time buyer
- You used to own a home, but can’t afford to buy one now
- You’re an existing shared owner.
Have you been turned down for a shared ownership home before?
If you have, don’t worry – it’s possible that you may now be eligible. Shared ownership eligibility criteria changed in January 2016, so even if you have been refused in the past,
As well as the maximum household earnings threshold increasing from £60,000 or less to £80,000 or less (outside London), changes to eligibility criteria make shared ownership more inclusive:
- You can buy a shared ownership home even if you already own your own home
- There’s no restriction on the size of property you can buy – you can buy any sort of shared ownership home you like, provided you can afford your mortgage and rent payments
- Shared ownership homes are now offered on a first-come, first-served basis – the only exceptions include priority continuing to be given to MoD personnel, or if the local authority for the area that you want to buy in requires you to have a local connection.
Some of the reasons you may not be eligible could include:
- Your household earns more than the maximum threshold amount
- You cannot afford the mortgage or rent payments
- You don’t plan to live in the home yourself.