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Shared ownership is an accessible and affordable way of getting onto the property ladder. However, because it's designed as an affordable product, we need to make sure that the right people are being helped, so there are certain eligibility criteria.
As a minimum you should not be able to afford to buy a home outright, but other factors also affect whether we can offer you the option to buy through shared ownership.
To be eligible for shared ownership, you need to meet certain criteria.
• Your household earns £80,000 a year or less.
• You’re a first-time buyer (or existing shared owner moving to another shared ownership home).
• You’re an older person. Some shared ownership properties are built specifically for older people who may be looking to buy a smaller property as their current home is too big for them, or has become unsuitable for their needs.
• You’re looking for a retirement property, meet the retirement lease criteria and cannot afford outright purchase or a similar suitable property.
If you currently own your home, including one bought under a scheme that falls within affordable home ownership, we will consider you under certain circumstances.
• You have a priority need for accommodation and a local authority has assessed that it is not reasonable for you to continue living in your current home.
• Your existing home is not suitable for your current needs.
• You cannot afford to buy a property that is suitable for your current housing needs.
We also give priority to serving members of the British Armed Forces, or those who have been honourably discharged in the last two years.
Once you have confirmed that you’re eligible, we’ll need to check that you can afford the property you’re applying to buy. With this information, Redwing Living can confirm the size of the share you’ll be able to buy. Our affordability checks cover your income, savings and employment. To arrange your affordability check, and apply, fill in the form below.
The form with name 'Redwing Sales AFFORDABILITY CHECK' has not been found. Please contact us to tell us.