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Home » Services » Mortgage Services » Shared Ownership Mortgages » How to Qualify for a Shared Ownership Mortgage

How to Qualify for a Shared Ownership Mortgage

Ciarán Power

Last Updated: February 2nd, 2024 at 6:38 pm

Table Of Contents


For many aspiring homeowners, a Shared Ownership Mortgage can be a gateway to the property ladder. Understanding the eligibility criteria is key to determining if this pathway aligns with your homeownership aspirations. This guide breaks down the essential requirements and considerations for qualifying for a Shared Ownership Mortgage, ensuring you have all the information needed to navigate this process confidently.

Basic Eligibility Criteria

To be considered for a Shared Ownership Mortgage, there are several fundamental criteria you must meet:

  • you earn £80,000 a year or less in your household (£90,000 a year or less in London)
  • you can show that you are unable to afford a full deposit on a new home

You must also satisfy one of the below:

  • you’re a first-time buyer, over the age of 18
  • you used to own a home but can’t fully afford to buy another
  • you’re forming a new household – for example, after a relationship breakdown
  • you’re an existing shared owner, and you want to move
  • you own a home and want to move, but cannot afford a new home that meets your needs

It’s important to note that in some cases you may have to show that you live in, work in, or have a connection to the area where you want to buy the home.

Financial and Credit History

Your financial background plays a significant role in your eligibility:

  • Credit Rating: A good credit history is essential as it affects your ability to secure a mortgage. Issues like rent or mortgage arrears can impact your credit rating.
  • Mortgage Requirements: You must obtain a mortgage for the share you intend to buy. Lenders will require documentation of your income and outgoings.
  • Existing Homeownership: If you currently own a home, you must be in the process of selling it and complete the sale by the time you buy the Shared Ownership home.

Other Considerations

Certain groups and situations receive special consideration:

  • Older Applicants: Those aged 55 and above can access the Older Persons Shared Ownership scheme, allowing them to buy up to a 75% share.
  • Armed Forces Priority: Members and former members of the armed forces may receive priority in certain cases.
  • Self-Employed Applicants: If self-employed, you should present at least three years of accounts to prove a stable income.


Qualifying for a Shared Ownership Mortgage involves meeting specific criteria that encompass financial capability, credit history, and personal circumstances. Understanding these requirements is crucial in assessing your eligibility and taking a step closer to homeownership. If you’re considering this option and require personalised advice, our experts at Green Mortgages are here to guide you through the qualification process, helping you make informed decisions about your property journey.

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