How do I qualify for the shared ownership scheme?

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How do I qualify for the shared ownership scheme?

In terms of eligibility for Shared Ownership, it varies depending on the scheme that you are considering. Generally in order to make the most of housing association shared ownership schemes, it is normally necessary to prove that you would be unable to afford to purchase a property.if you are renting from a social landlord or a housing association you may qualify. Each scheme and project will have its own conditions. However the fundamental concept is that you should be in a position wherby you can not afford to go on the property ladder without the scheme. Typical example would be the Key Worker Scheme. This is where your eligibility is based on your employment, its eligibility requires that you are employed in sectors such as health work(nursing etc), teaching, police forces or any other emergency service, and you must be able to prove your employment status and the period of time you have been in such employment, to be eligible for key worker shared ownership. Eligibility for the Key Worker scheme is based on your income and depends on your local council area in which you are a resident. Local authorities will lay down both a minimum level of income and a maximum level of income. Maximum incomes are normally of range £25,000 to £30,000 a year, with the minimum around £15,000 to £20,000.Your local councils may require you to prove to them that you have sufficient amounts of savings to deal with all the one-off costs involved in getting the mortgage, these costs include legal fees and surveys, this normally may cost you up to £2,000.If you happen to have arrears in rent with the council or social landlord or you are an undischarged bankrupt you may not be eligible for a shared ownership mortgage.

Shared Ownership Mortgages Frequently Asked Questions

What are the main Disadvantages ?	Can I make any changes to the property?
What percentage can I purchase ?	What are the different types?
What happens if I want to sell ?	How do I find a Shared Ownership property?
What are the main Advantages ?	Can I buy more share of the property?
Do I qualify for a shared ownership?	What are the up front costs ?

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