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Eligibility Criteria

Before you can buy a shared ownership property from L&Q, we must check that you meet certain eligibility criteria. All of our shared ownership properties and some of our rental properties are only available to people who meet the eligibility criteria detailed below.

Am I eligible?

You are eligible to buy L&Q shared ownership home if you have a gross household income of less than:

  • £90,000 per annum when applying for properties in London.
  • £80,000 per annum when applying for properties outside London.

You must also:

  • Be aged 18 or over
  • In current employment
  • Have a good credit history
  • Having savings or access to approximately £5000 to cover the cost of buying a home
  • Understand that any property you currently own in the UK or abroad will need to be sold

If you meet the eligibility criteria then you can register here.

Do I need savings?

You must have savings of or access to at least £5000 to cover the costs of buying a home - this amount is a guideline figure and will vary depending on the product you buy through. In addition to this amount your mortgage lender is likely to require a minimum 5-10% deposit, depending on the scheme you buy through. You should also have a good credit history.

An applicant's savings and assets, access to those savings and assets and any income generated by them will be taken into account when assessing the applicants financial eligibility for low cost home ownership. Any lump sums paid to eligible members of the armed forces as a result of illness or injury is disregarded at financial assessment - this only applies to one off lump sum payments and not to payments such as pensions which are classed as income.

What if I am already a shared owner?

If you already own a shared ownership home, or you have owned one in the past, you can still apply for another shared ownership home, though you can only own one shared-ownership property at any one time.

To be eligible for a shared ownership property, you must still meet the eligibility criteria outlined above. If your household size has increased, due to you having children or other reasons, then we will consider this when we prioritise eligible applications for shared ownership properties.

What if I already own a home?

The Greater London Authority guidelines state that owner occupiers, in exceptional cases, can access low cost home ownership products subject to the following conditions:

  • Your annual household income is no more than £90,000 per annum if you wish to purchase a shared ownership property inside London
  • Your annual household income is no more than £80,000 if you wish to purchase a shared ownership property outside London
  • You are otherwise unable to afford to purchase a property that is suitable for your needs without assistance
  • You must have written support from your local authority that you have a housing need before accessing the scheme. Your local authority will determine how best to make an assessment of your housing need.

Where can I find out more about eligibility?

There are two sources of further information about eligibility for low cost home ownership, depending on where you live: