Why buy with a friend?
Buying with a friend is a practical way to get your first foot on the property ladder.
- You may be able to get a larger mortgage by combining two incomes.
- Splitting the deposit and purchase costs in two makes them more affordable.
- You’ll be able to afford a bigger place or larger share than you could afford on your own.
- You’ll save on utility bills, maintenance and repair costs, and even groceries!
To find out more, take a look at our ‘Step by step guide to Shared Ownership’ page.
Are you eligible?
Shared Ownership isn’t just for people who work in key jobs. And it’s not just for families.
Shared Ownership is for anyone who doesn’t currently own a home. If you want to get on the property ladder, but can’t afford to buy outright on the open market, then Shared Ownership could be for you.
It doesn’t matter what your job is, but you and your friend must have a combined household income of less than £90,000 within London and £80,000 outside of London.
From April 2016 previous rules around priority eligibility and borough restrictions have been changed. Moving forward you will no longer be required to live or work in the area where you intend to buy, and the maximum combined household income has increased to £90,000 within London and £80,000 outside of London.
There may be a few exceptions to these rules where historic agreements have been made with local authorities about particular properties. You can find out who’s eligible to live in each development by checking the property listing for the one you are interested in. We will post the eligibility criteria for our properties as soon as we can, but sometimes this is unavailable until closer to the launch.
Priority will still be given to members of the military.
Together with your friend, you’ll need to be able to pay a deposit of between 5% and 10% of the value of your desired share (minimum usually set at 25%) of the property. You’ll also need approximately £5000 to cover the costs of purchasing your home. We’ll need to perform some financial checks to ensure you can afford these costs, and the monthly payments.
If you’d like to buy a home with us, please check whether you are eligible for Shared Ownership. You can start the process by completing the Shared Ownership application form.