General Eligibility for Home Reach

Help to Buy: Shared Ownership is aimed at helping people who can’t afford to buy a suitable property on the open market. Applicants are subject to eligibility and affordability requirements.

The general eligibility criteria for Shared Ownership are as follows:

  • Buyers must be at least 18 years old
  • Buyers must have a total household income under £80,000 (£90,000 in London)
  • Buyers must meet the Homes England affordability and sustainability assessments (see the HCA calculator guidance for further information)
  • Buyers are expected to use any savings and assets towards the purchase of their home. This may mean selling assets such as bonds, shares, land and any other financial investments.
  • Buyers in receipt of benefits are eligible for shared ownership provided they meet the HCA affordability assessment
  • Buyers must purchase the maximum share they can reasonably afford within the parameters of the HCA calculator
  • Shared owners must be first time buyers or:
  • Not currently own a home suitable for their housing needs
  • Sell a home not suitable for their housing needs before buying shared ownership
  • Own a non-residential property that provides their main income source
  • Buyers must have good credit history and must not have:
  • A mortgage or rent arrears
  • Other bad debts
  • County Court Judgements
  • Buyers must have a minimum 5% deposit towards the share they are purchasing
  • Buyers may retain a portion of their savings to cover the costs of purchase and moving home (typically up to £5,000). This may include:
  • Legal fees
  • Stamp Duty Land Tax where applicable
  • Mortgage application fees
  • Valuation fees and any associated moving costs

Cash Buyers

Cash Buyers must meet the eligibility criteria for shared ownership and the cash and assets to put towards the purchase must not be sufficient to buy the property outright. The source of cash being used to purchase their share, will be subject to appropriate money laundering checks and may typically come from:

  • The sale of an existing property
  • Inheritance
  • Cash sum from pension
  • Relationship breakdown where the customer is being bought out of their existing property

Customers must be able to provide evidence that they are legitimately prevented from raising a mortgage. Evidence must be in the form of:

  • Credit rating
  • Letter from a lender
  • Decision in Principle

heylo will pay attention to affordability and sustainability calculations for cash buyers, particularly to check that that the rent, service charge, and any other housing costs do not breach 45% of the customers’ net household income (after debts).

Register Interest

Register your interest

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