Call our sales team:
020 7021 4842

Eligibility and allocation

Peabody's Shared Ownership scheme is aimed at people on lower to medium incomes who want to get onto the property ladder.

To make sure these homes go to the right people, applicants need to fulfil certain eligibility criteria. And to ensure our homes go to those most in need of Shared Ownership home, we follow an allocation process.

Eligibility

London eligibility criteria

  • Your household should earn a maximum of £90,000 a year.
  • You’re a first-time buyer.

 The criteria above may not always apply, however...

Local authority criteria

The local authority in the area in which the development sits may well have its own household income criteria. The criteria are also likely to specify the borough the applicant lives and/or works in.

Specific criteria will be detailed on the development's page on this website, or if in doubt, give our sales team a call on 020 7021 4842 - they'll be pleased to advise.

General Shared Ownership criteria

You will also:

  • Be a British or EU/EEA citizen or have indefinite leave to remain in the United Kingdom.
  • Have either a permanent contract of employment or be able to show that you can afford to keep up with the costs of owning your home.
  • Not currently own a home (either in the UK or abroad) and won’t be able to afford a home on the open market that fits your needs.
  • Have a good credit history.
  • Have sufficient savings to cover the cost of buying a property and moving home. We recommend up to £4,000 to cover expenses.

 

Allocation

As some of our developments can be very popular and at times receive more reservations than we have homes available, we prioritise to make sure the properties go to those most in need of a Shared Ownership home.

This is the order we prioritise in: 

  • Social tenants – because council and housing association tenants buying their own home will release a home to someone else who needs social housing.
  • Applicants registered on the local authority’s housing waiting list or who are in a local priority group.
  • Armed forces personnel.
  • Everyone else.

We'll let you know if you've been successful and this may take up 3 weeks after viewing, but it's often sooner.