Shared ownership

To be eligible for shared ownership, you must be able to answer YES to the following questions:

  • Are you at least 18 years of age?

  • Is your annual gross household income less than £90,000?

  • Are you a first time buyer, i.e. you don’t already own a home? If you do already own a home, have you accepted an offer from a buyer and in the process of selling it?

  • Are you unable to afford to buy a home suitable for your housing needs on the open market? If you are not sure, you can speak to an independent mortgage advisor

  • Are your current mortgage or rent payments up to date?

  • Do you have a good credit history (no bad debts or County Court Judgements), and can you afford the regular payments and cost involved in buying and running a home?

  • Do you have savings or are you able to easily access at least £4,000 to cover the costs of buying a home? This is a guideline figure, and the actual amount you need will depend on a number of factors

  • Do you have enough savings or are you able to access a minimum 10% of the equity share you are buying, as a mortgage deposit? Or do you have the cash funds available to buy the share without a mortgage?

Outright sale

Our aim is not to sell homes to overseas buyers, those who do not intend to occupy the property as their sole or principal home, or bulk purchasers. However, such purchasers may be considered in extreme cases.

Affordability criteria for shared ownership

We take steps to ensure that the monthly re-payments associated with owning your home will be affordable for you. Before or after (depending on the circumstances) you have viewed a property or the off-plan marketing material, we will put you in touch with an independent financial advisor (IFA) who will complete a financial assessment based on your income, savings, credit history, outgoings and dependents. A minimum of 25% of your net wage and 2.5% of your gross income / a maximum of 45% of your net wage and 4.5% of your gross income will be used as parameters, and you will be required to purchase the largest share you can afford to sustain as assessed by the IFA.

If you are a cash purchaser, a financial assessment will still be required to ensure that the service charge and rent payments are affordable, and to ensure that you qualify for shared ownership.  

It is advisable to have at least £4,000 in savings available to cover solicitors fees, stamp duty, and other costs associated with buying a home and moving house (this is a guide figure only), as well as at least a 10% deposit for the mortgage.

You can use a mortgage calculator to give you an idea of how much you may be able to borrow. 

How applications are prioritised

Shared ownership

To reflect the Mayor of London's Homes for Londoners programme, priority will be given to British Armed Forces Personnel (serving military personnel and former members of the British Armed Forces discharged in the last 2 years). Additionally, for the first eight weeks following full market release of the properties priority will be given to applicants from the following groups, in priority order:

  1. Council or Housing Association tenants living in Hackney (with a secure tenancy)

  2. Other applicants living in Hackney for at least one year

  3. Applicants working in Hackney for at least one year

Where there are multiple customers looking to purchase a home who meet the above criteria, priority will be given in the first instance to British Armed Forces Personnel, and then on a first come, first served basis. Eight weeks after full market release we may accept applications for any homes that remain available from those living outside of Hackney.                     

Outright sale

Where there are multiple customers looking to purchase a home on an otherwise comparable basis and subject to offers being made in line with current market expectations, we will give priority to current Hackney residents and workers on a first come, first served basis.