Shared Ownership Eligibility: How Do You Qualify for Shared Ownership?

If you’ve had your eyes set on your dream home for a while now, naturally the next step is to seal the deal. However, nowadays, buying a house the traditional way can be a struggle. Fortunately – Shared Ownership is here to save the day! The home ownership scheme can help people get onto the property ladder without breaking the bank. But the question is – are you eligible? For those looking to buy a Shared Ownership property, there are some eligibility requirements that must be met.

Thankfully, we’ve got all the answers to your burning questions. Below we’ve outlined the eligibility criteria you must meet in order to secure your Shared Ownership property.

Am I Eligible for Shared Ownership?

If you’re looking to bag your dream home via the Shared Ownership scheme, the first thing to do is determine whether you meet the required criteria.

Let’s take a closer at what boxes need to be ticked for Shared Ownership eligibility:

  • Must be 18 years old or over.
  • Must have an annual household income below £80,000 (£90k if situated in London).
  • Must not own another property at the same time. Andif you do (whether in UK or abroad), proof will be required that it’s sold or under offer.
  • Must be unable to buy a property suitable for your needs on the open market.
  • Must be able to show you can afford to maintain the costs of owning your own home
  • You’re a British or EU/EEA citizen or have indefinite leave to remain.

If you pass the checklist, but you’re unsure on how the process of buying a house works – we’ve got you covered with an all-inclusive property buying guide.

Additional Eligibility Requirements

Local Connection Requirements

Remember – the housing association selling the property you’ve got your eye on may also have their own eligibility criteria. For example, some developments can only be reserved by applicants currently residing or working within that area due to the local connection requirement set by the local authority. So, don’t forget to check the housing agent’s conditions too, and that way you’ll be completely clued up on all the need-to-knows.


Of course, as with any property transaction where a mortgage is involved – so is the D word we all know too well. Yes, you guessed it – a deposit! But thankfully, with Shared Ownership, you’re in luck! This is because all that’s needed from you is a smaller deposit, lower mortgage sum and a little bit of rent and service charges – not too shabby right? And best of all, at Aster, you usually only require a 5% deposit based on the share of the home you purchase. So, you can have peace of mind that your visions of owning a home can very much be a reality!


Don’t worry – if you’re self-employed you can still be considered for Shared Ownership! All you usually need to do is provide evidence of at least three years of your accounts to show that you’re suitable but your chosen shared ownership mortgage lender will be able to confirm exactly what their requirements are for their mortgage products. If your salary fluctuates significantly, we advise getting some financial advice before borrowing money or committing to owning a property.

Applicant Priority

It’s worth noting that priority may be given to those within the military. However, the scheme is open to anyone who ticks all the boxes of the Shared Ownership rules. So, don’t worry – your turn will come!

Your suitability will be based upon:

  • If you’re a member of the military.
  • Your specific housing need (this could be if you’re a family with children)
  • With some developments, the local authority may require that you already live or work or have immediate familt in the same borough as the home.

Apply for Shared Ownership

Once you’ve passed the eligibility check – it’s time for the exciting part – applying! Embarking on your Shared Ownership journey won’t be as daunting as you may think. Once you know that you’ve met the eligibility criteria, the first step is to contact the Help to Buy agent in the area you’d like to live in. Then you can go on the hunt for the perfect property. At Aster, we’ll check if you’re eligible, and then help you with the Shared Ownership application process – we’ll be there for you every step of the way!

Getting onto the property ladder may seem a tricky process. In circumstances like this – Shared Ownership could be the answer to your prayers. If you meet the eligibility criteria – go for it! After all, who would say no to a scheme that allows you to buy your dream abode in a more affordable way?

If you’re still eager to learn more about how Shared Ownership works, the answers are just one click away! Before you know it, you’ll be an expert on the scheme, and one step closer to moving into a home you’ve settled on because you have options, not because it’s the only option.

Shared Ownership Eligibility FAQs

What is the minimum income for Shared Ownership?

There’s no set Shared Ownership minimum income. However, to be eligible, your annual household income must be:

  • Less than £80,000 (outside London)
  • Less than £90,000 (in London)

Am I eligible for Shared Ownership if I already own a home?

You won’t be able to buy a Shared Ownership property if you already own another home. And if you do, you’ll have to show proof that your property is sold or you’re in the process of selling the home.

Am I still eligible for Shared Ownership if I’m self-employed?

Absolutely. You’ll usually just need to demonstrate at least three years of self-employment accounts and that your salary is sufficient enough – but your shared ownership mortgage provider will be able to confirm the specific requirements they need.

How do I know if I can afford Shared Ownership?

We’re glad you asked! The Shared Ownership affordability assessment will be able to help with this. Speak to a member of our team and we can point in the right direction to be able to take the assessment and work out whether it could be the right fit for you.

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