- Shared Ownership FAQs
- Shared Ownership Eligibility
- Shared Ownership Pros and Cons
- Cost of buying a Shared Ownership home
- Shared Ownership homes near me
- Shared Ownership New Build homes Vs Resale homes
- Shared Ownership Mortgage Lenders
- What are your options after buying through Shared Ownership?
- Shared Ownership vs renting
- Shared Ownership Myth Busting
- Eligibility Check
Shared Ownership Purchase Process
Your complete 10 step guide to buying a Shared Ownership home with Peabody New Homes.
10 simple steps to buying a Shared Ownership home
Step 1. Register your interest in one of our Shared Ownership homes
Once you have found a place you love, get in touch with the Peabody team by completing an application form to let us know you are interested
Search our available homes and register your interest to find out more.
Step 2. Take a quick financial assessment
Before you can view any homes, we’ll need to make sure that you meet all the criteria. This is so we can help make sure the home is right for you.
We’ll arrange for you to have an initial assessment with an Independent Mortgage Advisor (IMA) to understand a bit more about your financial position and whether Shared Ownership is the best option for you.
You can also try our quick affordability calculator tool!
Step 3. View the Shared Ownership home, in person or virtually and reserve for £500
Once the show home is ready, we will invite you to book a property viewing either in person or online from the comfort of your own home, whatever suits you best.
If you like what you see, you can reserve a home for £500. When making a reservation, you can choose a selection of homes including your preferred choices. This will give you a higher chance of being offered a home if we receive more than one reservation for any single property.
Find out more about Shared Ownership eligibility and priority when reserving a home.
Find a Home
Step 4 - Offering you a Shared Ownership home
Within seven days of you making a reservation we will confirm whether we are able to offer you a Shared Ownership home with an offer letter.
If we receive more than one reservation for the home, we will make a decision based on who best meets the eligibility criteria and the minimum affordability requirements.
Step 5 - Full financial assessment
Once you have been offered a property, you will be invited to meet an Independent Mortgage Advisor (IMA) from our selected panel of experts. During this meeting, they’ll do a more in-depth check to ensure you are able to afford the home and double-check you meet the eligibility criteria. They will also help you work out how much of the home you could buy initially.
You will need to bring some ID, bank statements and payslips. This is a detailed discussion and may take up to an hour. You must complete the Financial Assessment within five days of being offered a property. You are under no obligation to use the Mortgage Advisor to obtain your mortgage.
Step 6 - Appoint a Solicitor & Mortgage Advisor
You will need to formally instruct a solicitor and mortgage advisor on the day of your financial assessment. Once you’ve instructed a solicitor and mortgage advisor, you will need to complete an Offer Acceptance Form. It’s at this stage your reservation fee will be non-refundable up to completion. We recommend using an independent solicitor and mortgage broker who specialise in Shared Ownership as they are experienced in the process of purchasing a home through this scheme.
You can choose from our selected panel of Independent Mortgage Advisors and solicitors if you wish, or appoint your own. Some Mortgage Advisors will offer this service free of charge while others charge a small fee, so please check before choosing.
Step 7 - Secure a Shared Ownership mortgage
You will need to submit a mortgage application within two working days of your financial assessment. If you are going directly to a lender to obtain your mortgage, you may need to book an appointment with them in advance of your financial assessment to make sure you’re able to meet this timescale.
An independent valuation of your new home will be carried out on behalf of the mortgage lender. If they are satisfied with the valuation and financial checks, they will present you with a mortgage offer.
When you have received your mortgage offer and you have provided your solicitor with sufficient responses to any enquiries they may have.
Step 8 - The paperwork
While you arrange your mortgage, Peabody’s solicitor will be in communication with your solicitor to provide legal paperwork and respond to any legal enquiries. Once we receive an offer acceptance form following a successful financial assessment, we will send a Memorandum of Sale to your solicitors.
After all legal enquiries have been satisfied, your solicitor will contact you to arrange exchange of contracts. Upon exchange, you’re legally bound to buy the home and Peabody is legally required to sell you the property. This is usually within six weeks of you being offered the home, or within five working days of receiving your mortgage offer (whichever date is earliest).
As soon as the property is ready to move into, a completion date will be arranged.
Step 9 - Completion
On completion day, the money to buy your home is transferred to our solicitors. This is typically within 10 days of exchanging of contracts if your home is ready or longer if the home is still being built. Prior to your completion date, we will be in contact with you to arrange a time to collect your keys, usually late afternoon.
Once completion has taken place, you will legally own your home through Shared Ownership!
Step 10 - Move into your new Shared Ownership property and start enjoying your new home!
When you move in, our team will be on hand to welcome you and show you how everything works in your new home. They will also help you take meter readings and answer any questions you may have about your new home.
You will also receive a New Home Guide with useful information about your new home, including what is considered a defect and the process to follow, as well as any applicable certificates for your home.
Search Shared Ownership homes
Search Shared Ownership Homes
Discover new build Shared Ownership homes available throughout London and the Home Counties by Peabody New Homes.
Hear what our homeowners have to say
Buying a first home, getting married and preparing for the arrival of a baby are all busy life events. Raph and Jaye would know, after experiencing all these milestones simultaneously. They purchased a 25% share of a two-bedroom apartment at The Switch in Wimbledon, with a £42,600 deposit.
READ ALL THE STORIES
After spending years renting in London, wealth manager Aroma Khan purchased a 30% share of a three bedroom apartment in Queensbury, northwest London. She had no idea that, just two years later, she would be staircasing her way up to 100% ownership with a friend.
READ ALL THE STORIES
Luca moved to London from Italy to work at a university. After a few years renting in London, Luca was able to purchase a 50% share of a bright two-bedroom, two-bathroom home through Shared Ownership at Arden, in Lewisham.
READ ALL THE STORIES
Shared Ownership
Shared Ownership allows buyers to own a share in a new property and is designed to make homeownership more accessible for those who have smaller deposits and may not have the budget to buy a new home outright.
Shared Ownership Eligibility
Read our complete guide to Shared Ownership eligibility to find out whether you are eligible to buy through the affordable housing scheme.
Shared Ownership homes near me
Are you looking for a Shared Ownership home near you? Peabody New Homes offers a wide selection of new build and resale homes throughout London as well as the Home Counties.