How To Apply For Shared Ownership

Take the First Step Towards Homeownership with Shared Ownership

Contact The SO Hub regarding the home you wish to purchase. We can then arrange a viewing or talk you through the process of purchasing off-plan
Register with a Help To Buy Agent via their website and make contact with the recommended Mortgage broker so that we can assess your affordability.
Start to compile your documents and complete all relevant forms in order to submit your application.
Once the application is complete, we will submit your application to the provider for approval.
Once you are approved, you will then be invited to pay your Reservation Fee. At this point, we will also require details of your appointed Solicitor.
With our solicitors now instructed and the sale going through, we will work with you to help you through the purchase and make it as stress free as possible.
We can arrange a completion and move in date for your new home. Shared Ownership Application Process

To be eligible to purchase Shared Ownership property, you must be:

At least 18 years old.
Have good credit history (no bad debts or County Court Judgements) and can afford regular payments that involve owning your own property.
Someone who does not own a property or part of a property at the time of completing on the purchase of your new Shared Ownership home. If you do own a property it must be Sold Subject To Contract when you apply.
Have a combined household income under £80,000 (or £90,000 in London).
You must be able to obtain a mortgage.
You can be a cash buyer; however, providers may have different criteria as to what further information they may require from you.
You will also need savings to cover the cost of buying a property, which can be around £4,000. These could include mortgage fees, valuation fees, solicitor’s costs, land registry fees, removal costs and in some cases stamp duty.
You must have a deposit, generally, this will be 10% of the value of the share you wish to purchase but in some circumstances, 5% may be possible. You can pay a larger deposit.